Considering they are trying to get the New Orleans refineries back online as well as the Chevron one in Mississippi, this is very, very bad.
Also, there will be an automatic shutin of most of the offshore Gulf of Mexico production starting about Wednesday maybe Thursday at the latest, and that may not be able to re-open until next week.
Land bases for offshore around New Orleans got hammered and the good land bases between Houston and New Orleans may really get creamed.
I know we have quite a bit of gasoline tanker traffic here in the Northeast. In the New York City Harbor area, they won't let tankers in the Inner Harbor (big firecrackers need not apply) but you see them offloading to barges in the Outer Harbor...
This really stinks. I don't drive much, but this is the time of year that refineries HAVE TO SWITCH to fuel oil production, and Natural Gas needs to be pumped underground for mid-winter draws...
More Republicans in congress and in the senate!
Preferably in Alaska and Canada...
Seriously, little Rita is not helping things; retail stocks are already taking a hit as the forecasters are planning on a less than spectacular fourth quarter, thanks to ever increasing fuel prices.
Today in my "test" stock portfolio, all my stocks took a hit except for my three oil companies, and the BNSF railroad (go figure...)
And it's not just gas prices, fuel oil and natural gas are set to increase quite a bit, if they haven't already...
Bottom line: things aren't looking good for 2006. Expect at least a recession, if not something worst.