Hurricane Harvey’s Impact to GDP May Be Limited

The video discusses the economic impact of natural disasters, focusing on GDP effects, oil and gasoline market changes, and the influence on commodities and petrochemicals. It highlights the challenges faced by local economies, such as Houston, in recovering from disasters like hurricanes. The video also addresses housing issues, particularly mold, and the role of FEMA in disaster response.

How do natural disasters like Hurricane Katrina affect the national GDP?

• They have no impact on GDP.

• They cause GDP to increase immediately.

• They cause a permanent decrease in GDP.

• They temporarily decrease GDP but are offset by rebuilding efforts.

What has changed the impact of hurricanes on oil prices in recent years?

• The shift to onshore fracking

• Improved hurricane prediction technology

• Higher oil demand

• Increased offshore drilling

What percentage of US jet fuel is produced in the Houston area?

• 80%

• 60%

• 40%

• 27%

How might a prolonged interruption in Houston's oil refineries affect the US economy?

• Increase in oil production

• Decrease in gasoline prices

• Increase in air ticket prices

• Decrease in industrial production

What is a significant local issue in Houston following a hurricane?

• Flooding

• Mold in homes

• Road closures

• Power outages