Behind The Mic With Joe Mathieu: Cold Snap Could Dent Economy
BOSTON (CBS) – We can all remember colder days than this. We’re New Englanders after all.
But when you look at that big blue and purple weather map that WBZ-TV meteorologists show us, you realize how widespread this weather is. Just imagine what they’re thinking in Texas.
Actually we know what they’re thinking in Texas but cannot write it here.
It’s almost as cold in Dallas-Fort Worth as it is here in Boston and the cold is putting a big stress on the power grid around the country.
As a result, prices for wholesale electricity, oil and natural gas are rising along with demand for warmth.
And now economists are trying to estimate what impact this polar vortex will have on growth.
Look no further than Logan Airport to see business on ice. JetBlue became the problem poster child after closing operations in Boston and New York. But other airlines are dealing with interruptions too.
In fact there could be more canceled flights because of this weather than we’ve seen since Hurricane Katrina, leaving people stranded instead of getting them to work to make money. Or getting them to vacation destinations where they would be spending money.
We won’t know the real economic impact until the government delivers its first GDP estimate at the end of the quarter. But experts say it’s not a question of whether we’ll see an impact, it’s just a question of how much.
Follow Joe on Twitter @joemathieuwbz