You’ll think $2.50/gallon is cheap soon
Hurricane Katrina is going to cost us a lot of money. Not only will it do immeasurable damage to New Orleans proper, but it’s going to wreak havoc with our refineries, which are already overtaxed: According to Hugh Hewitt:
Lousiana has 17 active refineries, producing about 16% of America’s fuel.
Total American refinery capacity utilization was at 93% in 2004.
American refineries are now operating at 97% capacity, processing 17 million barrels of oil a day (American consumes 20.6 million barrels of oil a day.)
If Katrina takes refinery capacity off-line, the effect at the pump will be immediate. Ther [sic] is no more capacity available to up output within the counry. Shortfalls will have to be made up from imported gasoline suppliers. They are unlikely to be moved by complaints of gauging from American congressmen.
Ouch.
Update: The National Weather Service recently posted this bulletin:
* AT 1137 AM CDT…WIDESPREAD FLOODING WILL CONTINUE ACROSS THE
PARISHES ALONG THE SOUTH SHORE OF LAKE PONCHARTRAIN IN THE GREATER
NEW ORLEANS AREA…AS WELL AS IN PORTIONS OF PLAQUEMINES PARISH.
THIS CONTINUES TO BE AN EXTREMELY LIFE THREATENING SITUATION. THOSE
SEEKING REFUGE IN ATTICS AND ROOF-TOPS ARE STRONGLY URGED TO TAKE
THE NECESSARY TOOLS FOR SURVIVAL. FOR EXAMPLE…THOSE GOING INTO
ATTICS SHOULD TRY TO TAKE AN AXE OR HATCHET WITH THEM SO THEY CAN
CUT THEIR WAY ONTO THE ROOF TO AVOID DROWNING SHOULD RISING FLOOD
WATERS CONTINUE TO RISE INTO THE ATTIC.