Explain The Impact Of The Recent Hurricane/Disaster To

The 2004 Boxing Day Tsunami was an horrific natural disaster. On Sunday 26th of December 2004 at 7.58 am local time there was an earthquake of a massive magnitude 9 on the Richter scale. The earthquake struck off the northern tip of Sumatra in Indonesia. It was the result of the Indio-Australian Plate subducting below the Eurasian Plate. Indonesia was hit by the tsunami first. Forty-five minutes later it reached Thailand.

After Hurricane Katrina, ten months later, jobs plummeted to an average loss of 95,000. “During the month of November 2005, employment had dropped to 105,300 below the previous year’s figure.” (Dolfman pg. 7) Furthermore, Hurricane Karina in doubt did cause more damage to the economy than expected. The hurricane “affected 19% of U.S. oil production.” (Dolfman pg. 7) Hurricane Katrina completely destroyed 113 offshore oil and gas platforms, occurs damages to457 oil and gas pipelines, and spilled as much oil compared to the Exxon Valdez oil disaster. This devastating event “caused oil prices to increase $3 a barrel,” and gas prices sky-rocketed to $5 a gallon. (Dolfman pg. 7) Lastly, Hurricane Katrina’s impact struck Louisiana’s sugar industry, totaling an estimate of $500 million in “annual crop value.” (Amadeo)

Hurricane Harvey was a major natural disaster , that many are still overcoming . Harvey did not just destroyed homes and business but also oil refineries. It had impacted the Gulf Coast refineries in Texa. many of their refineries are partially shut down and trying to recover. About 2.4 million barrels of daily refining capacity in Texa is offline. That is about 13 percentage of the US oil usage. Because of the refineries still recovering, there is a shortage in oil. The prices of fuel has gone up everywhere in the country. Because of the higher prices, more people are demanding less.

Natural disasters happen all over the world, and they leave the economy is a struggling condition. Because no one can predict the effects of hurricanes, tornados, earthquakes, or fires, this can cause a hardship for the supplier and consumer. On August 29, 2005, Hurricane Katrina hit Louisiana, and I remember it like it was yesterday. Most of my family was still in Louisiana when Katrina hit Louisiana, and we had lost all connection to them. So many resources were in high demand such as water, gasoline, generators, food, and necessary supplies. Because the supply of oil in the Gulf was shut down and tankers could not get into the state the demand was high, and the supply was low. The demand refers to the amount that the consumers are prepared to purchase a product in a given time (Thomas & Maurice, 2010, p.37). During hurricane Katrina, the demand for gasoline was high which affect the

After Hurricane Katrina, production possibilities were influenced a few ways. Oil was one item greatly affected by the storms because very quickly it became harder to salvage and transport, in return this caused inflation. One way the economy was affected was by less oil being available, meant oil companies could raise the price of the product so they could continue to make a profit. Another way the economy was effect was due to name victims falling into debt. Due to all the damage the storm wreaked on the homes in New Orleans, people were having to pay large sums of money to repair or replace these valuable items. Prioritizing money became very important, victims were going to be cautious about spending as little money possible while still

Thousands of individuals lost their jobs and were forced to maneuver to different cities. production and processing operations close up for weeks. gas costs soared, beside different energy costs. Close to 2.3 million individuals were left while not power. The port of recent Orleans was broken, disrupting the nation's shipping trade.

In about a short period of a couple month's, Deng has already gotten people off the street's and focused on expanding large businesses so that other people can work in the business. This was a big boost so that China can help more people who were struggling at the time.

When Deng Xiaoping took control of China, he recognized that the economy was collapsing, and that his people were worried about class, especially how quickly the upper-class was growing, so he came up with a plan. He was going to open up the country to foreign investors, “But Deng himself undermined the process with his famous call to let ‘some get rich first’ . In practice this meant giving priority to the coast...Private enterprise

Indirect effects (multiplier effects as these dollars are spent in the economy and stimulate demand in other sectors).

In recent years Chinas economy has been growing at an extremely fast rate, at the end of 2016 the economic growth was 6.9% (according to the BBC) and it was the slowest growth China has experienced in 25 years! And in 2008 the GDP growth was at a shocking 14.1%!

In 2013 95% of sugar beets, 94% of soybeans, 90% of canola and 90% of corn

move that served China well but in the long run it was the downfall of China. While

Within the last decade, the industry has fallen on difficult times due to the effects of the September 11, 2001 terrorist attacks, and the extenuating weather circumstances in August 2005, which resulted in the back-to-back onslaught of Hurricanes Katrina and Rita. The effects of these hurricanes in addition to implausible losses of life and property, would soon include reduced fuel production in the gulf, and begin a period of rising fuel costs which affected both consumers and carriers, and now in 2008, as an OPEC

Hurricane Katrina alone took out about 25 percent of U.S. crude oil production and about 15 percent of U.S. refinery capacity which caused quite an increase in manufacturing costs.

Over the last years, the oil industry practiced its deepest recession since 1990s. That being said, the recovery for this industry finally starts getting better. The Organization of the Petroleum Exporting Countries approved to change the production last year, 2016. This arrangement has been holding over to this year, with oil prices increasing for the past several months. But in recent weeks, United States records have been found greater oil prices have been faded. Experts think it will be years before oil returns $100 a barrel, a price that was regular till late 2014. But after the oil price recovered from below $30 in early 2016 to over $50 by the end of the year, there was increasing certainty in the industry that crude oil could rise