TEXT OF STORY
Scott Jagow: The Gulf Coast oil industry is right smack in the path of Hurricane Gustav. As of this morning, Gulf oil activity is almost nonexistent. If it stays down for any length of time, we could see oil prices shoot up 20 cents or more. Right now, oil’s at $117 a barrel. Hurricanes Katrina and Rita destroyed more than a hundred oil platforms in the Gulf. But oil companies say this time around, their platforms are far more storm resistant.
Of course, oil is just one industry vulnerable to Gustav. There are many businesses that still haven’t fully recovered from Katrina. Tish Williams heads the Chamber of Commerce in Hancock County, Mississippi.
Tish Williams: If you take what’s happening nationally with the retail marketplace and you add Katrina challenges on top of that, when you look at adding the storm, it’s not going to be easy.
Jagow: And don’t forget about insurance. Insurance costs have gone up 600 percent for some Gulf Coast companies.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.