OIL How Katrina Jolted the Entire Global Economy
Byline: ALEX BRUMMER
THE human tragedy is turning into a global economic crisis. Oil and refined petroleum prices have soared in response to a catastrophe which has closed down production, refining and pipeline capacity in the Gulf of Mexico, one of the world's most important regions for energy.
The shockwaves are being felt across the world, from Germany to Indonesia, as well as on the forecourts of petrol stations in Britain where prices of [pounds sterling]1 a litre are now becoming commonplace. Panic buying has been reported as far away as the Czech Republic.
The disaster, which struck at the central artery of America's energy industry, could not have arrived at a more vulnerable moment.
Even beforehand, bottlenecks in energy supply and fierce demand from …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: OIL How Katrina Jolted the Entire Global Economy. Contributors: Not available. Newspaper title: Daily Mail (London). Publication date: September 6, 2005. Page number: 8. © 2007 Daily Mail. COPYRIGHT 2005 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.