Kingsview CIO Scott Martin On Fox News Weather Command 2.1.24
AMY FREEZE: We’re getting ready to set this up. We have someone in the studio here. Let me introduce Fox Business contributor, Scott Martin, back with us to make it rain. We call it “weather in your wallet,” a kind of rain, but really…
SCOTT MARTIN: Making it rain indeed. We’ve got the singles, and Steven’s over here, so we’re ready. Great point, Amy, about the significant changes in the weather, and also in some areas that are not used to such climatic extremes. Suddenly, we see changes, and like you and Steven were discussing, the drought disappears. It’s all happening, as you said, Steven.
STEPHEN MORGAN: And we think of the Bei Rivers, like the Mississippi River. It’s such a vital route, both upstream and downstream. Vicksburg has been a focal point. We’ve seen record low levels there, and in New Orleans too, where the Port of New Orleans sees a lot of goods traffic. Have we seen a direct impact this summer due to these lower levels?
SCOTT MARTIN: Yes, sometimes the larger ships can’t get as far upriver, or they have trouble reaching the port, Steven. So, things slow down, get backed up, or alternative routes are used to deliver goods, which increases costs and delays. We’re dealing with various challenges in getting goods to consumers.
AMY FREEZE: Some of these issues have a ripple effect. We don’t always see it immediately, but eventually, the cost trickles down to us, the consumers. For example, right now in Louisiana, the situation with the crawfish is quite direct and personal. With Mardi Gras Tuesday just around the corner in New Orleans, it’s heartbreaking to see crawfish priced at $14 a pound. I read an article on Fox Business about a restaurant that typically sells 20,000 pounds of crawfish and currently has none.
SCOTT MARTIN: That’s quite a situation. You’re right, Amy. The demand is there, but the supply isn’t. This causes prices to skyrocket. People then worry about future availability and prices, leading to further inflation. When things eventually normalize, producers might overproduce crawfish, leading to a surplus and a drastic drop in prices.
AMY FREEZE: It’s wild. In recent years, they’ve had to freeze the supply, and that’s what people are resorting to now.
STEPHEN MORGAN: Maybe the slight loss of freshness is a concern. I was thinking…
SCOTT MARTIN: Exactly. It’s not like buying from your grocery’s freezer, although I would, since I love crawfish. But right, there are adjustments in the marketplace to get these products to people.
STEPHEN MORGAN: Regarding the weather, Bob mentioned the unusual temperatures. In the northern US, January thaws can be predicted, but seeing golfing in Minnesota is remarkable. Is there a silver lining here?
SCOTT MARTIN: It’s interesting. The silver lining might be the appreciation of both cold and warm weather. However, it’s a bit unnatural for Minnesota, which should be enjoying ice fishing, skiing, and other winter activities. The state’s industries rely on these, but instead, people are golfing, which is more common in summer. As a Vikings fan, I’ve experienced the state’s climate firsthand.
AMY FREEZE: Indeed, International Falls recorded its warmest January high temperature at the end of January.
SCOTT MARTIN: It’s crazy. They had severe blizzards earlier in January, and now it’s like those never happened.
STEPHEN MORGAN: The economic impact is notable too, like the Winter Carnival in the Twin Cities, which usually brings in about two to three million dollars.
AMY FREEZE: It’s disappearing before our eyes.
SCOTT MARTIN: Absolutely, the snow sculptures are gone, which is terrible for advertising.
AMY FREEZE: Not a good look for them right now. Maybe more drinking will be involved, but these changes disrupt the usual calendar. It impacts people’s plans and the economy, benefiting some areas but harming others. Alright, we’ll catch you on Cavuto later today, Scott.
SCOTT MARTIN: Yes, at 12:00 PM Eastern.
AMY FREEZE: We’ll see you on Cavuto. Thank you for your insights on weather impacting our wallets and for always making it rain. This is Fox analyst Scott Martin. Thanks for being here with us, Scott. I’m Amy Freeze for Fox Weather.