Dr. William Gray: Rita Another $100 BILLION Storm?

Hurricane expert Dr. William Gray predicted that Rita could be the second most expensive storm on record.

Dr. Gray predicted months ago that this hurricane season would be a bad one and he predicts that we'll likely see one or two more major storms before this season ends.

Dr. Gray says if Rita stays on its current path, it's likely the storm will reach Category 4 strength with massive damage to oil production, resulting in higher gas prices and potentially doing about 100-billion dollars in damage.

Dr. Gray says he disagrees with other experts who say the power of these storms is related to global warming. Dr. Gray says there is simply no proof of that. He says 1933 was a very active season, similar to this one. Dr. Gray says 1933 was a year with 21-named storms.

Officials say there have been so many named storms this year; there is a chance we could run out of designated names this year. It's reported that has never happened before.