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.
Map of strategic petroleum reserve sites. I sure as hell hope the two in Louisiana aren't flooded or damaged. However, as has been said above, if we can't refine the SPR oil (should W. choose to release some crude) the SPR oil won't help much in the short run.
Get a grip. No refineries will be "lost". They'll have to shut down and re-start, which will take some amount of time. There are no refineries "in" New Orleans--they are all in smaller towns along the Mississippi River, in areas NOT below sea level (as New Orleans is), and protected by different levee systems.
Just got back from filling up our car. Told hubby we needed to do it NOW. Gas prices hadn't gone up yet, but the man working there told me he's already expecting it - tonight. I paid $2.69. I have no idea what it's going to go up to with it hitting $70 in Singapore today already?
http://www.msnbc.msn.com/id/5612507/