September 2, 2005
Economic Impact
:Over a third of the nation’s oil supply has been potentially knocked off line by the storm causing prices to sky rocket. In Atlanta, prices reached $6.50 before the Georgia Governor vowed to prosecute any gas station that sold gas for over $5 for price gouging. Nationwide prices have risen over $3 a gallon with lines forming, reminiscent of the 1970. It has gotten so bad that President Bush has asked Americans to conserve. But gasoline is only the beginning. New Orleans is one of the major American ports with much of the Midwest’s exports flowing through it. As the weeks go on, prices will rise on many products that used New Orleans as a port causing major economic problems. Not to mention the strain that a $10-25 billion cleanup will cause or as many as a million people displaced internally for the next few months.
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