I debated whether to even respond to you two... My headline dealt with the losses and the human suffering which didn't appear to be getting out in the mainstream yesterday. You can go to www.wwltv.com for a local perspective. The other info that the post mentioned, regarding gasoline, was an FYI. By now, with just a little effort, you could find out that what I said was fairly accurate. It wasn't crying "the sky is falling". It was just passing on what I knew.
Just under 1/2 the gasoline in the US is refined in the Gulf Coast. Granted, Texas didn't get hit by the hurricane, but there are interdependencies among all of the refineries. For example, the Conoco Phillips refinery just outside of NO is flooded and will not be open for months. They send byproducts and some raw material to their refinery located just south of Houston for upgrading. Guess what, that ain't gonna happen for a while. The Valero Refinery in St. James (just north of NO) from what I heard was under water also. Before the hurricane, refineries were already operating at nearly 95% utilization. I haven't done the math yet, but I would bet we lost a significant percentage of capacity for some time. And releasing more OIL from the Strategic Reserve won't make more gasoline!!!
Fortunately, the main oil offloading facility off the coast of Louisiana had only moderate damage. But that doesn't mean they can get it in a pipeline and pump it ashore. There is no place to send it. The terminals on shore can't be reached or have no power.
Do what you want with the info. Put on the blinders and plug your ears. Myself, I fill up often... and for now, I am down hear working the shelters and helping out whereever I can.
Glad you are correcting the record. Depending on how you define 'Gulf Coast', that may be correct. But what you initially posted was a gross overstatement of the impact.
If BP will avoid blowing up a refinery for a few days, everything should work out.
That's good news about the LOOP. It confirms what I've been thinking. Most of the offshore platforms should be back in production in a couple of days as well. As production outstrips refining capacity, crude prices may continue to drop.