![]() Two refineries, however, took longer to restart.ĬonocoPhillips' refinery in Belle Chasse, La., which produces 247,000 barrels a day, returned to normal operations only in April of this year. ![]() Seven of the nine facilities that can refine up to 1.5 million barrels of crude oil a day were up and running by November 2005. The storm also shut down refineries throughout the region. economy only because of a temporary reduction of the supply of oil, natural gas and gasoline," explained William Niskanen, chairman of the CATO Institute. "The hurricane had a short-term effect on the general U.S. But 10 months later, yearly oil production was still 30 percent less than pre-Katrina levels. Oil companies hurried to restaff the platforms they had evacuated before the storm and make any needed repairs. 30 of last year, the day after the storm made landfall, 95 percent of oil production in the Gulf ceased. ![]() At the time the storm hit, the Gulf of Mexico represented approximately 29 percent of all domestic oil production and 47 percent of the nation's 17 million barrels a day refining capacity. Hurricane Katrina was particularly damaging to the nation's oil and natural gas industry, which is based mainly in the Gulf of Mexico. While many mortgage providers delayed collecting overdue payments, Duncan expected that many of the homes have been abandoned, and banks and mortgage providers will start to foreclose on homes this year. "The two states already had the highest delinquency rates in the nation prior to the storm." mortgage delinquency rate to rise significantly in the third quarter of last year," wrote Doug Duncan, chief economist at the Mortgage Bankers Association. "The impacts of Hurricane Katrina on Louisiana and Mississippi caused the U.S. Without jobs and with uninhabitable homes, many homeowners stopped paying their mortgages, and their loans quickly became delinquent. In the Biloxi-Gulfport area of Mississippi, employment dropped by 26,900 jobs - a loss of more than 23 percent of jobs in the region. economy fared in the year after Hurricane Katrina made landfall. natural disaster on record, the ABC News business unit contacted more than a dozen economists at various organizations, such as investment banks and trade groups, by e-mail and asked them to evaluate how the U.S. ![]() To gauge how the economy responded to the most devastating U.S. The port of New Orleans was damaged, disrupting the nation's shipping industry. Close to 2.3 million people were left without power. Gasoline prices soared, along with other energy prices. Oil production and refining operations shut down for weeks. ![]() Thousands of people lost their jobs and were forced to move to other cities. economy rebounded from Katrina, although the region hit by the storm has not, demonstrating once again how amazingly resilient our economy can be," said Dan Laufenberg, chief economist at Ameriprise Financial. But many in the hurricane's path weren't so lucky. 25, 2006 — - When Hurricane Katrina devastated New Orleans and the Gulf Coast last summer, it caused immediate and significant damage not only to that region's economy but to the country's as well.īut one year later, the nation's economy has absorbed the shock from the storm and returned to growth mode. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |