Katrina, one of the most powerful hurricanes in U.S. history, forced operators to close more than a tenth of the country's refining capacity and a quarter of its oil output, spurring a frenzied spike in gasoline and heating oil prices. An oil refinery is submerged in water in Codin, Alabama, August 30, 2005.
Note on this photo that the production areas of the refinery are NOT underwater, only the moated storage tanks. The press got it wrong.