Hurricane Harvey has ravaged Texas and Louisiana, but losses will spread across the United States. Everyone will feel the impact in some way. Hurricane Katrina losses totaled $175 billion, and Harvey could be twice that or more. (Texas Rep. Pete Sessions: Harvey Impact Could Reach $1 Trillion.) Oil prices will spike, and banks and insurance companies, ultimately, will face big losses on flooded housed and vehicles.
At least 25% of refinery capacity has been shut down by Hurricane Harvey. Experts say that this will cause fuel and petroleum product prices to spike. How high will prices go? Will there be shortages? It will take weeks and months to find this out, but higher prices are locked in now.
The latest figures from ShadowStats.com are out, and economist John Williams says it looks like a recession is “imminent or one is already underway.”
Join Greg Hunter as he looks at these stories and more in the Weekly News Wrap-Up.
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.