September 03, 2005

On the other hand.

... the head of a major international energy watchdog isn't as confident that Katrina will be just an economic blip. According to Claude Mandil of the International Energy Agency, a worldwide energy crisis could result if damage to Gulf Coast refineries causes the US to up its purchases of European gasoline:

"If the crisis affects oil products then it's a worldwide crisis. No one should think this will be limited to the United States.... They are already buying gasoline in Europe. If the refineries are damaged, that will only increase. Then this will become a worldwide crisis very quickly."

Mandil told the paper that high oil prices represented a risk for global economic growth and urged consumers to alter their behavior to save more energy and limit the fallout.

Via Reuters.

Posted by Magpie at September 3, 2005 11:54 AM | Economy | TrackBack(1) | Technorati links |