October 31, 2012
Economic Effects of Hurricane Sandy
As the eastern U.S. tries to dig out from under the devastation, I thought it might be useful to comment on the economic consequences that a storm like this could have.
September 14, 2008
Effects of Hurricane Ike on oil and gas markets
As Hurricane Ike took over the Gulf of Mexico, I watched with unusual interest, since I had been scheduled to fly through Houston to give a lecture in Baton Rouge on Friday. We had to cancel that visit to LSU, which left me to contemplate the consequences of Hurricane Ike for oil and gas markets from the comfort of my warm, snug home in San Diego.
August 23, 2006
Opportunity cost illustrated
On a one year anniversary, a look back to (one of the reasons) why the National Guard's post-Katrina rescue and recovery efforts were hampered.
April 24, 2006
Who's afraid of $3 gasoline?
Does the expected strong 2006:Q1 GDP report mean that the economy will shrug off the recent resurgence of gas prices?
April 18, 2006
Oil goes higher and higher
The NYMEX May 2006 crude futures contract closed today above $71.
December 08, 2005
Only 17 more (oil) shopping days until December 31
Does everybody remember this story from July 3?
November 30, 2005
Facing the latest economic data
Here are a few thoughts about some of the economic news that's been coming in over the last few weeks.
November 07, 2005
Gasoline prices down
Gas prices have dropped a lot, and further declines are in sight. What's that mean for fuel demand and the overall economy?
October 14, 2005
Does today's CPI release indicate that inflation has returned?
October 11, 2005
Do recent energy shocks mean we might see a replay of the 1970's stagflation? I believe not, and here's why.
October 09, 2005
Macro effects of oil shocks-- what should we be looking for next?
I recently prepared an entry on the macroeconomic effects of oil shocks for the new edition of the Palgrave Dictionary of Economics. Here I sketch some of the material from that essay and explore the implications for where the economy may be headed next.
October 07, 2005
Oil prices coming down
Oil prices have been coming down significantly this week. Is that good economic news?
October 05, 2005
Having discovered that this summer's behemoth energy bill in fact did nothing to help with the problems uncovered by Hurricanes Katrina and Rita, Congress is ready to try again with HR 3893, which was reported out of committee last week. This one actually has some good ideas in it.
September 25, 2005
Responding to supply shocks
It seems pretty clear to me that a monetary contraction isn't the appropriate policy response to a supply shock. Apparently there are those within the Federal Reserve who see things differently.
September 22, 2005
Economic effects of Rita
A lot of people are bracing for huge effects of the latest Gulf storm on energy markets. I see reasons for hoping things won't be that bad.
September 19, 2005
Consumer confidence plunges
Yet another key leading indicator turns gloomy. How much can the stock market and the Fed shrug off?
September 18, 2005
Pop quiz on the deficit
Here's a pop quiz for macroeconomic students from Economist's View on how to deal with the deficit.
September 14, 2005
Gasoline demand plummets
By Monday, oil and gasoline futures prices had given up all of the gain they'd experienced since Katrina. Today we learned that U.S. gasoline demand has plummeted. Both developments were pretty surprising, but are surely related.
September 12, 2005
Hurricane? What hurricane?
Amazingly, gasoline futures on the New York Mercantile Exchange today ended back where they were before Hurricane Katrina struck with all its fury. Retail prices will likely follow that lead. But what about the Fed?
September 11, 2005
The question about refining
Has environmental regulation been responsible for leaving the U.S. with inadequate gasoline refining capacity? The story is not as simple as some have suggested.
September 07, 2005
On the nature of economic recessions
What exactly happens in an economic recession, and how much has Katrina increased the likelihood of one developing?
September 06, 2005
The calm after the storm
Time to assess the storm damage. From an economic point of view, it looks costly, but manageable.
September 04, 2005
Lockyer to the rescue
I'm starting to think that every day some politician is going to come up with a new idea for how to make the current gas situation worse. California's Attorney General provides today's illustration.
September 02, 2005
Katrina aftermath: good news with the bad
Some sanity was restored to gasoline markets today, in which patches of good news allowed a more level-headed assessment of the size of the logistical challenges ahead. Both hope and despair can be found on the human dimension of the problem as well.
August 31, 2005
Coping with the gasoline shortfall
Today's announcements by the Department of Energy on the use of the Strategic Petroleum Reserve and by the Environmental Protection Agency on fuel standards are steps in the right direction. But we should be clear about the magnitude of the challenges ahead.
August 30, 2005
Katrina: Day 2
A sobering day today, as we learned that New Orleans and much of the coast had not been spared after all. The waters swept away what many generations had built, and the task of trying to put it back together seems increasingly daunting.
Others are in a better position than I to communicate progress and needs of the relief effort. For those interested in what the economic implications of all this might prove to be, I offer these thoughts.
August 29, 2005
Impact of Katrina
Hurricane Katrina could have a much bigger effect on the price of gasoline and natural gas than on the price of crude oil. Here's why.