Last Sunday, Hurricane Ida, a category 4 hurricane made its arrival to coastal Louisiana. This location is known for its significant contributions to the US oil supply. Mike Reeves of Strategic Wealth Designers joins us today to discuss the impact of Hurricane Ida and decreased oil supply. Fiduciary financial advisor Mike Reeves of Strategic Wealth Designers joined us on the newscast to discuss the impact Hurricane Ida and decreased oil supply.
Given the impact of this natural disaster, there are certainly threats to our oil supply. As the refineries were evacuated, production was completely halted. This not only leaves us worried about the price of gas, but also the potential damage done to the platforms and oil rigs could stall production as inspections will have to take place to ensure that operations are running appropriately.
There is an apparent rise in demand for gas not only due to the anticipation of rising cost, but also with the upcoming Labor Day weekend and increased travel. The length of time that Hurricane Ida persists and how damaged the refineries are can hinder how quickly oil supply will bounce back.
“Not only has Hurricane Ida had impact on oil supply but also energy, shipping, and chemical plants that are located along the Gulf Coast,” Reeves says. “While we can’t put our finger on how exactly our economy will be affected, it all comes down to the timeline of the tropical storm. There are many unknowns but there is reason to believe that the impact on our economy will be limited and brief.”
Hurricane Ida has caused great destruction and devastation and continues to move inland. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to email@example.com.