How Weather Reporting Affects Petroleum Prices

It has already been an historic year in 2011 for weather disasters. The National Climatic Data Center (NCDC) is reporting that the economic cost from these events already surpasses $32 billion and the height of hurricane season is approaching. Typically, the year-to-date total is near $6 billion. The damages come from a combination of major weather events including severe weather outbreaks, winter storms and flooding.