Hurricane Harvey Hits CNY at the Pump
While Hurricane Harvey physically ravaged parts of Texas, it still had far-reaching effects that were felt in Central New York: prices at the pump. Refineries in Texas that supply oil to New York were shut down, creating the rise in prices. In a live interview for CNY Central, Whitman School of Management Professor of Finance Practice Tom Barkley commented on this trend.
“I don’t think we are going to see another big jump,” he stated. “The big jump happened right when the Hurricane hit and people were evaluating what are the costs associated with refineries being damaged or destroyed.”