More on the Oil Issue/Hurricane Katrina. This morning the WSJ lead article is about the impact of Katrina on oil and gasoline prices; they are, of course, "sharply higher".
"October crude-oil futures settled at a new nominal record of $69.81 a barrel in Nymex [New York Mercantile Exchange] trading, up $2.61 for the day, or 3.9%"
But note this:
"The record remains the $39.50 barrel price reached in April 1980, equivalent to $95.26 when adjusted for inflation."
Years ago I had a client who lived in a very nice home in the Florida Keys. He had made a good bit of money in real estate out West, and retired to Florida in his early fifties. His view was that hurricanes were great for the Keys. He said it blew away all of the shoddy construction and what was rebuilt was all to the good.