Katrina hits US oil industry, Jones Act temporarily waived:
Hurricane Katrina shut at least eight oil refineries, reducing US fuel production by more than 10 percent and leading to scattered shortages. The refineries are expected to come back online in between a week and three to four weeks, which will undoubtedly cause more shortages. The upcoming long Labor Day weekend has also created more demand for gas. Both state leaders and President Bush have asked consumers to hold off buying gas unless they need it.
The US Coast Guard reports that five oil rigs from the West Delta Platform are missing, one submersible rig is grounded, two mobile offshore drilling units are adrift, two semi- submersibles are listing, and the Mars platform owned by Royal Dutch Shell Plc is “severely damaged.” Oil and gas are also severely disrupted by the shutdown of a key oil import terminal off the coast of Louisiana. The Bush administration is releasing oil from the petroleum reserves to help refiners cope with shortages caused by Katrina. Bush has also temporarily waived the Jones Act, which will allow foreign tankers to deliver oil to US ports to ease disruptions in oil supplies.
I guess Bush knew about the Jones Act, and Obama doesn't.... He's too busy partying and golfing.
Thanks for the history lesson. How soon they forget!