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Drought Insurance Losses Could Hit $20B

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  • Description

    FBN’s Adam Shapiro on the rising insurance losses from the drought.

  • Duration 0:55
  • Date

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I'm Adam -- here Fox Business -- the Obama administration announced new fuel mileage standards that aimed at -- gas mileage over the next -- years the president reached a deal with auto makers requiring -- of new cars and trucks.

To average 54 point five miles per gallon by 2025.

Those changes.

Will raise new car prices but the Obama administration says that will be offset by savings at the pump.

But drivers may take a big hit to the wallet from hurricane Isaac when they go to the -- 93% of daily US oil production.

In the Gulf of Mexico has been shut down ahead of the hurricane.

According to AAA the national average for a gallon of regular gasoline is three dollars and 75 cents.

The devastating drought that -- US farmlands will likely cost more than thirteen billion dollars in crop insurance losses.

According to disaster model -- AIR worldwide.

The total loss could reach as much as.

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