In the summer of 2005, while the U.S. economy grew at a convenient, although some long-standing concerns about the deficit and outsourcing, the storm brewing off the coast of the Persian Gulf. August 25, 2005, Hurricane Katrina blasted New Orleans, Louisiana, and the surrounding coastal areas in the Gulf of Mexico. Less than a month later, the second storm, Hurricane Rita, which swept through the Gulf region to make landfall between Sabine Pass, Texas, and Bayou Johnso, in Louisiana. Speculation on the possible impact on the global energy markets and the U.S. economy started as soon as the hurricane forecast to strike the oil-rich Gulf region. This case documents the way the storm and provides a summary of the Congressional Budget Office estimates of the impact of the storm "on the U.S. economy. It is designed for use in the first year of the global economy and markets certainly teach the concept of national accounts. It can also be used to analyze the impact of exogenous shocks. "Hide
by Wei Li, Peter Rodriguez Source: Darden School of Business 11 pages. Publication Date: October 19, 2005. Prod. #: UV0995-PDF-ENG
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