Hurricane Ike
Now some no doubt will be wondering why this is worth mentioning here. Well, from a personal point of view, I have been taking an interst because my brother lives in Houston, and the eye of the hurricane is due to pass just about over his house in about 48 hours. But looking at the news items raises a few points worth mentioning, because of their potential effect on fuel prices (and other things) here.
Already, 96% of gulf oil production has been shut in, and the US's largest refinery, in Baytown , has been shut down (and is expected to be flooded) and the US's main oil import port has been closed. While it is a bit difficult to say exactly what effect this will have on prices both for crude and for refined products, it seems unlikely that there will be no effect.
With the hurricane having forecast winds of 160kph over a band 300km across, which is aimed straight at the Houston metropolitan area (about the size of Sydney or Melbourne), and storm surges forecast to reach ten metres (well above the Galveston sea walls) think about what this is likely to do to the US insurance industry - and the knock on effect to your insurance!
John
John
JDNSW
1986 110 County 3.9 diesel
1970 2a 109 2.25 petrol
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