(Sunday night, August 28th) With the category 5 hurricane Katrina now bearning down on New Orleans, and all the off shore oil rigs abandoned, it is possible that one-fourth of our domestic oil supplies will be interupted for up to six months. This most powerful hurricane is only the fourth one to hit our coastline in recorded history.
(Monday morning August 29th) Hurricane Katrina touched land on the Gulf coast at 6:10 AM this morning, Reduced to a Category 4 hurricane, it still brings with it 20 foot waves. New Orleans is two meters below sea level, with dikes and levees capable of handling only category 3 waves.
(Monday afternoon, August 29th) Hurricane Katrina moved East at the last minute, sparing New Orleans a direct hit. As a result the 20-28 foot storm surge that was expected seemed more like 15-18 feet. However, three major flood pumps have failed and there is at least six feet of water in the town now. How this will affect clean up and the length of time to be able to reopen those refineries is not clear at present.
(Tuesday morning, August 30th) In the aftermath of hurricane Katrina, more than 200 dead, fifty of which died in one apartment complex in Biloxi. Flooding to the second floor in New Orleans, with many homes missing roofs, and more than 20 apartment buildings and other older structures collapsed. The roof of the Superdome was damaged, but it held up and the ten thousand who sought refuge inside are safe, but it will be a long while before they can leave to go anywhere. Refineries are all flooded, but in fair condition. Estimates are that they will be in production in a month or less. There are a million barrels of oil not being produced or refined in the Gulf states right now, and this may go on for some time. With New Orleans under water, it could take months to restore facilities and services, after draining a toxic lake amid all the refineries and sewage systems.
All predictions are that the gas you pump will cost more than $3.00 for the foreseeable future.
(Wednesday morning, August 31st) Power continues to be out everywhere in the Southern states, and the states North of them continue to face tornadoes and flooding too. New Orleans is under 20 feet of water in most places. With water mains broken and under water, there is no water to drink. Estimates are that it may take nine weeks to dry out the city, and restore some services.
People in the Gulf states do not have to worry at all about the cost of gasoline or heating oil. All they have to do now is to try to put their lives back together, to rebuild or repair their homes, to recover from extensive flood damage, and to bury their dead. Obviously, many of them will never be the same after such horrific violence done against them by a simple force of nature.
Hurricane katrina is turning out to be the biggest natural disaster to hit the United States. As Americans, we should do all we can to pray for them all, and to offer such assistance as is necessary for them to continue in life.
WANT TO HELP?
Go HERE for the American Red Cross. (You have to specify aid for victims of Katrina)
Or HERE for FEMA and a list of agencies to help.
Regards,
Roger Born
(Sunday) Whoops! Oil has risen in price by four dollars a barrel as you read this.
(Monday) Oil has spiked at $70 a barrel this morning.
(Tuesday) Oil is expected to be back at $70 a barrel by the end of the week, and up to $80 a barrel by the end of the year.
One other interesting thing about the damage to this important gulf port – fully a third of all we import and export goes through this area. what will happen to things like grain futures and our export/import ratio?
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