Here we are just three weeks after Katrina which caused major damage and production stoppage in the east side of the Gulf of Mexico oil/gas patch. If Rita hits near Galveston, TX it will hit a core component of the U.S. oil and gas infrastructure. Might it be possible that Americans will begin to think more about the fossil fuel resources that their lives are based on? I have my hopes and my doubts.
I think this comment over at The Oil Drum puts it well:
So, to summarize the current situation:
Refiners: “We are at our limit, can’t use the sour crude, pushing off repairs and closing down production in anticipation of Rita”
OPEC: “Want more Heavy Sour Crude? Here’s 2 mbd. Otherwise we are at our limit.”
Nigeria: “We are in a civil war and cannot guarantee production.”
Iraq: “We are in an insurgency/civil war and cannot guarantee production.”
Iran: “We are going to leave OPEC and cut exports if you keep trying to block our Nuke plants”
Venzuela: “America is going to invade us for our oil”
Non-OPEC: “We are at our production limit”
Bush/Delay: “I’m worried that if we don’t make the tax cuts permanent, the economy might falter”
American Public: “Cut the gas tax now”
Good summary, but you forgot one…
GM: Hey, everybody! Look at the new SUV’s we’re announcing! Shiny!