Publications: The Petroleum Economics Monthly

The Triumph of Markets (August 2017)


The August 2017 PEM analyzes market behavior during two hurricanes: Katrina in 2005 and Harvey in 2017. We note that the economic impact was less from Harvey than in other disruptions despite Harvey’s effect on refining capacity in the Gulf. We attribute the more moderate outcome to the broadening of global oil markets, the high global inventories, and the quick response of environmental officials.


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