Analysts don’t foresee a significant impact to the U.S. overall economy from Hurricane Ida, despite the damage the storm has inflicted on the Gulf Coast, according to an article from U.S. News & World Report. This could change, however, if damage estimates rise sharply or if refinery shutdowns are prolonged.
Ida tied for the fifth largest hurricane ever to hit the mainland, leaving more than 1 million customers without power in Louisiana and Mississippi, according to U.S. News. A lower storm surge and improved levee system mean the hurricane is expected to take a smaller financial toll than Hurricane Katrina did 16 years ago. Still, the longer power remains out, the greater the repercussions for oil, natural gas and chemical companies with hubs along the gulf. Jacques Rousseau, an analyst for Clearview Energy Partners, cautions patience, and says in the article, "We need to wait a little longer to see if there is some sort of extensive damage that could take a refinery out for more than just a shutdown-and-restart period.”
Read the entire article here.
