Things I think didn't need to be said are struck out and my added comments in non-italics [].
[snip]
And finally, we're moving forward with a comprehensive recovery strategy. We're working hard to restore electric power, repair transportation infrastructure, restart energy production, and of course, strategize as to how to provide housing for these folks. I met with Chairman Greenspan at lunch, as well as the economic team, to evaluate the impact of Hurricane Katrina. We particularly spent a lot of time talking about the damage done to our energy infrastructure and its effect on the availability and price of gasoline.
In our judgment, we view this storm as a temporary disruption that is being addressed by the government and by the private sector. We've taken immediate steps to address the issue. The Secretary of Energy is approving loans of crude oil from the Strategic Petroleum Reserve. The EPA has provided a temporary nationwide waiver for fuel requirements so supplies of gasoline can move more easily within our country and so that we can attract more gasoline from overseas.
We're also working with energy companies to repair and reactivate major refineries and pipelines. The good folks must understand that major refineries have been shut down, which means it's going to be hard to get gasoline to some markets. We're working to help these pipelines get up and running. [get any damaged pipelines up to full capacity as soon as possible.] Pipelines carry refined product.
And so we're working with the majors -- major oil companies to get the -- with Colonial Pipeline so they can carry the products of the major oil companies, the refined products. Right now, the Colonial Pipeline, which is a major pipeline serving the East Coast, is back in operation, but only at 50 percent capacity. We anticipate that as the days go by, more and more of that capacity will be restored. Other major pipelines are coming back online. But as I said, we're going to have a temporary disruption of gasoline product.
Another challenge we face is that the downed pipelines [, some due to the lack to power at pumping stations which will be up and running after power gets restored,] are causing the need to transport gasoline to needed markets by ship. Under current law, shipping between American ports can only take place on American ships, and there are currently not enough American ships to move the oil and gasoline to where it's needed. So today I've instructed Secretary of Homeland Security Chairman Chertoff to temporarily waive this requirement, so foreign ships can also help distribute oil and gasoline to where it's needed. Today's action will further help us move gasoline to accommodate the demands of the American citizens.
Steps we're taking will help address the problem of availability [and the problems will be fixed as soon as possible]. but it's not going to solve it. [But while repairs are ongoing] Americans should be prudent in their use of energy during the course of the next few weeks. Don't buy gas if you don't need it. [Be conservative in your driving, car pool if you can. Go to the web site fueleconomy.gov to find tips on how to get the most mileage out of your cars.]
Alot of childish hysterics on this thread.
We're not on the frontlines of this thing.