Forbes is suggesting that Isaac could rival Katrina. Among everything else:
Additionally, the Louisiana Offshore Oil Port (LOOP) was closed on August 27, 2005, reducing production by over 400,000 barrels per day. LOOP handles 13% of the nation’s foreign oil, about 1.2 million barrels a day, and connects by pipeline to 50% of the U.S. refining capability. The port was undamaged by the storm and resumed operation within hours of electricity coming back online.It looks like the president has his cover story for why he needs to tap the Strategic Petroleum Reserve. Whatever the original estimates were for the release, double it. That's my hunch. Just like the stimulus: it was way too little. Not going to make that mistake again. And just when the economy was getting ready to show significant gains.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.