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Relief coming after Hurricane Isaac leads to gas price spike
Christine Romans on a report claiming that gas prices should ease soon after largest one-day jump since 2011.
Isaac damages could reach $1.5 billion, catastrophe modeling firm Eqecat says – Christine Romans explains
WASHINGTON (CNNMoney) - Hurricane Isaac's slow, rainy march through Louisiana is expected to cause as much as $1.5 billion in insured losses, according to one disaster modeling firm.
While comparatively modest as hurricanes go, Hurricane Isaac is already wreaking havoc. More than 644,000 were without power in Louisiana, Mississippi, Alabama and Arkansas, power companies told CNN. And some 100 residents had been or were in the process of being rescued from flooded homes and rooftops in coastal Plaquemines Parish, according to CNN affiliate WWL.
Eqecat, a catastrophe modeling firm, suggested onshore insured damage - which includes residential property, commercial property, energy production and the interruption of business but excludes most flooding damage - would run between $500 million and $1.5 billion. The firm excludes flooding because the federal government insures against flood damage for most properties.
The storm could also cause more than $500 million in damages to off-shore energy production.
This morning on "Early Start," Christine Romans shares details from this early damage assessment from Hurricane Isaac.
Isaac could wreak havoc on gas, oil – Christine Romans on how production and prices could be affected
Tampa, Florida (CNN) - Thousands in Louisiana, Mississippi and Alabama were being told early Monday to leave their Gulf Coast homes ahead of the arrival of Tropical Storm Isaac as forecasters warned it was gaining strength as it followed the same path Hurricane Katrina took seven years earlier.
The governors of the three states each declared a state of emergency, with Alabama Gov. Robert Bentley ordering mandatory evacuations to begin at 8 a.m. for residents who live along the coast and for those in some low-lying areas inland.
Oil and gas production in the Gulf of Mexico are already being suspended at some facilities because of the approaching storm. How will oil production and gas prices be affected by the impending storm?
This morning on "Early Start," Christine Romans looks at how tropical storm Isaac could hamper oil production and cause gas prices to spike.
Pew study: Middle class falling behind
Christine Romans on a new Pew Research Center study showing the middle class has been falling behind for past 10 years.
CBO: US could dive over 'fiscal cliff,' may improve debt outlook but cause recession
NEW YORK (CNNMoney) - If the so-called fiscal cliff takes effect in 2013, the U.S. deficit outlook will improve, but scheduled tax increases and spending cuts would push the country into recession and unemployment up to 9%.
That's one of the main takeaways from an analysis Wednesday by the Congressional Budget Office, which released its updated budget and economic projections for 2012 through 2022.
The fiscal cliff is made up of an enormous amount of tax hikes and spending cuts set to take effect starting in 2013.
Among them, the expiration of the Bush tax cuts and the enactment of $1 trillion in automatic, across the board spending cuts that are being triggered because Congress has failed to come up with an alternative debt-reduction plan. If all the policies are allowed to go into effect, the CBO projects that the economy, as measured by GDP, will shrink by 0.5% between the fourth quarter of this year and the fourth quarter of next year. Unemployment, currently 8.3%, will rise to 9% in the second half of 2013.
This morning on "Early Start," Christine Romans explains the CBO report and it's dire warnings for the US economy.
READ MORE: Fiscal cliff to improve debt outlook but cause recession
Generation Y filling low-paying jobs
Christine Romans on a new study showing young workers love tech employers and are more willing to take low paying jobs.
Apple is most valuable company ever, with market cap valued at $623 billion
Christine Romans on the incredible growth of Apple stock and it's current designation as the most valuable company ever.
Stocks up strongly in 2012 – Christine Romans looks ahead to this week's Federal Reserve and housing news
Christine Romans on market gains this year, and a preview of economic indicators from the Fed and housing info.
VIDEO: Are American shopping again? Poppy Harlow on signs that retail sales are on the rise
Poppy Harlow on signs that retail sales are on the rise, and if it means Americans are more confident about the economy.
US buying $170 million in meat from farmers hit by high feed prices
Alison Kosik on the government's plan to buy excess meat from farmers hit by high feed prices.
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