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Topics include:
*Intermediate Business Journalism
*Covering Private Companies
*Business Journalism Boot Camp
Through thorough preparation and experience, business reporters were ready to cover a significant angle of the Hurricane Katrina story -- rising gasoline prices.
It knocked several oil refineries out of commission, reducing an already tight supply of gasoline, causing gas prices to suddenly surge and making experts worry about the future of the energy market. This chain of events has influenced the lives of many Americans indirectly.
Business reporters outside of the region jumped on the gas prices angle to the Katrina story.
"It was news that had to be pursued," says Robert Gavin, a Boston Globe economy reporter who co-wrote a large piece about rising gas prices earlier this week. "Obviously [this storm was] different, having a greater impact on the U.S. economy well beyond just that immediate area."
The keys to covering the gas prices, Gavin and Kansas City Star business reporter Steve Everly say, were to read about the possible consequences of Katrina beforehand, have a list of experts and analysts lined up to contact, work quickly and with other reporters.
Because experts were predicting severe damage well before Katrina hit the coast, and business reporters had already written about tightening gasoline supplies in the U.S., many of them were well prepared to cover this angle.
That institutional knowledge "makes it a lot easier when you jump into it," says Everly, The Star's energy reporter. "You won't have to spend a lot of time spinning your wheels."
Everly filed three stories about rising gas prices by Wednesday. He worked with fellow business reporter Paul Wenske on the most extensive piece (published Thursday) to more thoroughly include the angle of how consumers were reacting to the escalating prices.
"There were an enormous amount of developments" on Wednesday, Everly said. "It was impossible for one reporter to come anywhere close to covering" every one of them.
Similarly, Gavin and fellow Globe business reporter Chris Reidy teamed up for another piece on rising gas prices.
Covering this angle was important, Gavin says, because it was arguably the most direct consequence New Englanders felt from the storm. The vital question to ask was not if Katrina would impact gas prices, but to what extent it would.
The gas prices angle hit home "in a lot off different ways," Gavin says, listing gas and commodity costs, and possible unemployment among them. "People are calling the desk and screaming about gas prices. People are coming into work mentioning gas prices. It doesn't require investigative reporting" to find the scoop.
Covering the gas price angle is part of their job, business reporters say.
"From the beginning there are others doing the human tragedy story and they're filling that need," Everly says. "There's definitely interest in the business side.
"The magnitude by itself, specifically with the energy industry, [Katrina has] been far different…I think it's a pretty easy call to do this [angle] as soon as you can."
Copyright © 2008 Donald W. Reynolds National Center for Business Journalism
