Harvey Impact to Hit Hoosiers

Posted: Updated:
Jerry Conover has been IBRC director since 2003. Jerry Conover has been IBRC director since 2003.

The director of the Indiana Business Research Center at Indiana University's Kelley School of Business says, while loss of life and property are the worst effects of Hurricane Harvey, the economic impact will be felt in Indiana. Jerry Conover says a disruption in oil drilling and refining will not only affect fuel prices, but also the production of components like plastics and fibers that use petroleum as a raw ingredient.

Conover says a large portion of the United States' refinery capability is along the Gulf Coast in Texas and Louisiana, and the effects of disrupting those operations could come into play "fairly quickly." In addition, the area also houses multiple offshore oil wells, meaning the damage could stop the "actual pumping of oil out of the ground."

In addition, he says petroleum is a "key feedstock" for plastics and fibers, such as nylon, that go into products people use every day. Conover says, if the supply of petroleum is impacted, companies may have a harder time getting what they need to manufacture various goods.

Harvey, now a tropical storm, has been blamed for two deaths in Texas. First responders on the ground have made hundreds of water rescues over the past few days. Local crews are also in the area. The Indiana Region of the American Red Cross says it has deployed 42 people and six Indiana Region Emergency Response Vehicles to the area. The local organization's fundraising team says it has also made more than $200,000 worth of Harvey asks.

Conover says the economic impacts could be felt for months.
  • Perspectives

    • Truck Driver Supply Impacting Cargo Hauling Demand

      The U.S. unemployment rate has moved down to 3.9 percent, which is its lowest level since December 2000, according to the U.S. Bureau of Labor Statistics. Great news! Maybe not. There are business sectors that need employees due to constraints in the labor market - namely truck drivers. The level of employment in the truck transportation industry is essentially unchanged since mid-2015, according to the bureau. And the impact is being felt.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Triple XXX Root Beer Appears in Prime Time

      A soft drink that carries the name of an iconic West Lafayette restaurant has been featured on a national television series. In a message on the Triple XXX Family Restaurant's Instagram page, co-owner Carrie Ehresman said the recent appearance of Triple XXX Root Beer on NBC's "Chicago Fire" was not product placement. She said the show's producers reached out through the restaurant's website and "we weren't sure we'd make the final cut until it aired!"

    • Mark Sandy became Ball State's director of intercollegiate athletics in 2015.

      Ball State to Introduce Next AD

      Ball State University Monday will name a new director of intercollegiate athletics. Mark Sandy, who has served in the position for more than three years, announced his retirement in January. During Sandy's tenure, eight teams won Mid-American Conference league championships or division titles. Three new facilities projects have been completed during his time in Muncie...

    • IU Nominated for Tech Transfer Award

      Indiana University is among five nominees for Tech Transfer Unit of the Year. Global University Venturing has nominated the IU Research and Technology Corp., one of three nominees in North America. 

    • The facility also features a computer training lab, a bistro and Bosma's retail store.

      Bosma Launches Salesforce Training Program

      Indianapolis-based Bosma Enterprises has launched a program to train people who are blind or visually impaired to be Salesforce administrators. The organization says BosmaForce involves an 18-week online course available throughout the United States. Bosma Enterprises Chief Executive Officer Lou Moneymaker says people who are blind of visually impaired face a 70 percent national unemployment rate, and the BosmaForce program aims to create pathways to high-paying, in-demand careers.

    • On-Air

      Find out when and where you can watch and listen to our reports.