Sandy hits oil prices; may damage economy: expert (by Steve Gelsi)
NEW YORK (MarketWatch) -- Hurricane Sandy could cause $150 billion to $250 billion in damage with a record tidal surge in New York City expected, Joel Myers, founder of AccuWeather and hedge fund Weather Profits, said in a phone interview. "It could tip the U.S. economy from slow growth into a recession," Myers said. AccuWeather is forecasting a record tidal surge in New York City, causing lost work days, property damage and the possible flooding of the city's subways, he said. "There's never been a storm like this, perhaps in our lifetime," Myers said. "The concern is where people aren't taking it seriously and may put their lives at risk." The storm is causing gasoline futures to rise on supply concerns, while pushing down crude oil prices on fears tied to reduced economic activity, he said.