It looks like the perfect storm is about to hit New Orleans later today.
One can only hope for the best for the people who have been unable to evacuate from its path. Right now the predictions sound pretty apocalyptic.
The hurricane could also have significant global consequences. It’s a remarkable turn of fortune that it should hit the USA’s premier oil-producing region on the Gulf coast, at a time when oil prices are already at record highs.
"We can expect two months of lost production, and coming in the peak demand period this is the worst possible news," said David Thurtell, a strategist at the Commonwealth Bank of Australia.
As well as the physical damage to equipment and production plants, there are mounting concerns about the effect the storm and higher oil prices will have on the world economy. (BBC News)
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