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Ivan’s Terrible Impact
By Elza McGowan
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Weeks after
Hurricane Ivan ravaged the Caribbean and the
eastern
half of the United States
over a 20-day period – killing more than 122 people and causing
billions of
dollars in damage in the process – the most powerful hurricane of 2004
has
heavily contributed to a historic spike in oil prices that will affect
the
world economy for months.
Ivan
developed as a tropical depression off the western African coast in
early
September and built into a hurricane that carried sustained winds of as
high as
160 mph. The winds, rain and storm surge generated by Ivan destroyed
homes,
roads and businesses from Grenada
to Pennsylvania, forced
the
evacuation of hundreds of thousands of people and cut power to millions.
The economic
impact of Ivan is its most lasting effect. Since mid-September when
Ivan tore
through the Gulf of Mexico before slamming into
Alabama
coast and the Florida
panhandle
with 130 mph winds, the price for a barrel of oil has risen by more
than $11 to
nearly $54. The price spike has been attributed in part to the
extensive damage
to oil platforms in the gulf.
The United States
relies on one-quarter of its domestic
supply from the gulf, and as of Oct. 22, daily oil production there is
still
short by more than 400,000 barrels. Analysts expect the continued
shortage to
keep gasoline and heating oil prices high throughout the winter.
In
addition, the tourism industry in Grenada,
Jamaica
and the
Grand Caymans – a major economic driver for these Caribbean
islands – has suffered greatly as these countries attempt to recover.
Many
damaged resorts will not re-open or be at full capacity for months. Grenada
alone sustained an estimated $1 billion in damage – the equivalent to
the
country’s gross domestic product for two years – when the eye of Ivan
passed
over the island on Sept. 7. About 90 percent of the island's homes and
public
buildings were devastated.
Ivan made
landfall on the United States
on Sept. 16 on the heels of two other hurricanes that directly struck Florida
within a few weeks. The collective impact of Charley,
Frances and
Ivan has made
the task of disaster officials assessing the damage from just Ivan
difficult to
ascertain, although estimates range from $5 billion to $15 billion due
to Ivan.
Agriculture
was also impacted as damage to domestic crops exacerbated the
destruction from
Charley and Frances. Much of the peanut and cotton crops in Alabama
have been lost because of rain and 100-plus mph winds. Ivan dropped
between two
and eight inches of rain as it tracked over the southeastern United
States, further perpetuating a surge
in soil
and beach erosion. Flooding also created an environmental crisis on the
waterways through the Eastern Seaboard, littering rivers with dead
trees,
pieces of demolished houses, paint cans, car tires and assorted
household
chemicals. Some of these obstacles inhibited fishing and recreational
boat
traffic in the Chesapeake Bay for more than two
weeks.
For further information:
Bloomberg News http://www.bloomberg.com
The New York Times http://www.nytimes.com
The Houston Chronicle http://www.houstonchronicle.com
The Toronto Star http://www.thestar.com
The Dallas Morning News http://www.dallasnews.com
The Atlanta
Journal-Constitution http://www.ajc.com
The Miami Herald http://www.herald.com
The Baltimore Sun http://www.baltimoresun.com
The Washington Post http://www.washingtonpost.com
The Palm Beach Post http://www.pbpost.com
http://en.wikipedia.org/wiki/Hurricane_Ivan_(2004)