The Chairman of the Dallas Federal Reserve, Robert Kaplan, said Monday that the risks to his own forecast of 5% GDP growth in 2021 are biased upward, as reported by Reuters.
“Even without the power grid problems last week, Texas it would have had a pipeline and water crisis, “Kaplan said.” The loss of oil and gas production will be rectified in a few days; the water problem in Texas will take weeks, “he added.
Regarding oil production, Kaplan argued that they would need a “change of mind” to return to the peak of production of 13 million barrels per day before the crisis.
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