Heard on CNN that NINE refineries would be in the eye of the storm, along with the port facilities that bring in 1/6th of our imported oil (the Venezuelan crude comes in at NO), so it won't be just the oil platforms that will be affected. If this doesn't qualify as an "oil emergency" that merits the President opening our 1.5 BILLION barrels of stored oil in the SOR, I don't know what is. This could put the economy into recession.
Bush would have to make a national appeal to businesses that can allow workers to telecommute - to do so. or put some kind of car pooling mandate in place. if this turns out as bad as it looks for the gasoline supply, intervention is needed.
Where are they going to refine it into fuel?
The strategic oil reserve means nothing if you can't refine it. If you want to panic, panic about the 9 refineries potentially being lost.
SOR is crude oil -- won't matter a bit in the short to medium term if we're way down on refinery capacity. The hit on the refineries could well be very serious for the next few months in the economy - gasoline prices will soar and that could indeed slow down the economy.
WINTER is around the corner...I am sure the people up north who rely on heating oil would see life and death issues as more important that people worried about their gas prices...
>>>"Heard on CNN that NINE refineries would be in the eye of the storm, along with the port facilities that bring in 1/6th of our imported oil (the Venezuelan crude comes in at NO), so it won't be just the oil platforms that will be affected. If this doesn't qualify as an "oil emergency" that merits the President opening our 1.5 BILLION barrels of stored oil in the SOR, I don't know what is. This could put the economy into recession"<<<
OK BOOM, all the freaking oil in the SOR is available to YOU!
Now tell us where you are going to refine it!
I don't think the Morning Headlines are going to be reading "Dip into the SOR" anytime soon.
Pray for New Orleans First then the folks that are going to get next upstream of this Storm. We can deal with the little crap later.
TT