In BP disaster, market question easy, others not

04/04/2005
In the news storm surrounding a refinery accident that kills 15 people and injures more than 100, market responses are incidental.The Mar. 23 explosion at BP PLC’s 446,500-b/cd refinery at Texas City, Tex., was a tragedy with overwhelming human consequences. Those effects are vastly more important than a panic-driven swing in the price of gasoline. And unlike the price swing, they won’t soon go away.The price did swing, nevertheless. At this writing, the day after the disaster, markets remained nervous, and questions lingered about gasoline supply.The questions were partly justified and partly not.They were justified to the extent that the tragedy reminded a market vulnerable ...
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