Hurricane Katrina causes upwards of $12bn of damage; oil prices surge
Monday, August 29, 2005 Hurricane Katrina is now over the U.S. mainland and has caused more than US$12 billion of damage. Some estimates are as high as $30 billion. New Orleans was spared the most intense winds as the hurricane weakened as it made landfall, and its track turned slightly east, away from the city. However, the area was still subjected to sustained winds of more than 100mph, and rainfall as heavy as six inchesContinue reading