Terry Sawchuk on Primetime: The Economic Impact Of A Hurricane

Sep 28, 2022 | Blog, Blogs, Daily Financial, In the News, Market Commentary

On Wednesday, September 28th, 2022, Terry Sawchuk made an appearance on Primetime with Dr.Gina. Terry is joined by host, Terrance Bates (filling in for Dr. Gina) and guest Ed Butowsky, the managing partner at Chapwood Investments. They discuss the dollars and cents of a natural disaster like Hurricane Ian.

President Biden warns oil companies about hiking oil prices, but the bigger picture is how this storm might impact gas prices due to the loss of US oil production. Right now, it’s just a supply and demand game out there. Terrance asks “in Florida, there is a bit of a spike in demand because of this storm as people were just trying to fill up their tanks just to make sure that they were protected as the storm came in. Do you expect that to impact things?” To which Terry answers “sure, I mean, first, the price at the pump is set by the gas station owner, not by oil companies. That’s what I think he’s [Biden] really getting at. He is telling station owners not to gouge their customers. There are reports that some of these stations are literally out of gas. It’s a market system and you have to allow these people to earn a profit. This is more of a political statement that he’s making, in my opinion.”

Biden has put the country at risk by depleting the Strategic Petroleum Reserve. We’re down to a third of what we had less than a year ago, and eventually, that’s going to lead to much higher prices.

Click here to watch.

Any information discussed in this article is for educational purposes only. It is not meant to be any kind of recommendation or financial advice. The information contained in this video is intended for informational purposes only. Any opinions are those of Terry Sawchuk and not necessarily those of JW Cole Financial, Inc. or JW Cole Advisors, Inc. 

Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Sawchuk Wealth and JWC/JWCA are unaffiliated entities.