One of the largest floods in United States history is expected to carry with it an economic impact that can be felt as far north as Nova Scotia.
“Well, we could see higher prices for petroleum products , like gasoline, diesel fuel,” said Fred Bergman, a senior policy analyst with the Atlantic Province Economic Council.
Bergman says the effects of spiked gasoline rates have already been felt in the U.S.
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“Gasoline prices yesterday were trading about 23 cents U.S. per gallon higher and today they’re trading about 17 cents U.S. per gallon higher. So, allowing for the exchange rate and converting to litres, because that’s how we measure gas prices in Atlantic Candada, you’re talking about six centrs per litre higher,” he said.
Texas is an oil production hub and any damage done there carries a global impact, according to Bergman.
The devastating effects of Hurricane Harvey have captured global attention, including that of Nova Scotians.
“It’s a natural disaster beyond count in that this is an entire, modern-world city that’s underwater,” said Jeff Amos, a Nova Scotia-born man.
Amos adds he “isn’t” surprised by the economic blow that comes with continued natural disasters.
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“This is just the beginning of the environmental cost as a result of global warming. We’re going to have to deal with it,” he said.