This article appeared online at TheNewAmerican.com on Monday, September 11, 2017:
Estimates are that Hurricane Irma knocked out the power to nearly six million Floridians’ homes and businesses, while both Harvey and Irma have either destroyed or heavily damaged 300,000 homes in Texas and hundreds of thousands more in Florida. Further estimates are that these two massive storms have reduced demand for oil by nearly a million barrels a day.
This is being reflected in the price of NYMEX (New York Mercantile Exchange) crude oil dropping to $47 a barrel early Monday. Last Wednesday crude was selling at more than $49.
Part of the problem facing OPEC and its grand plan to cut production to raise oil prices was its assumption that