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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (134759)8/28/2005 1:47:02 PM
From: miraje  Read Replies (1) of 793578
 
I don't think that most people have grasped the enormity of what a major disaster is in store, not only for the gulf coast, but for the entire country. I can see the fallout from this being an order of magnitude bigger than 9/11.

A large percentage of domestic oil and natural gas production is going to be severely impacted for months to come. Prices for crude and refined products will more than likely be going through the roof. I see shortages and rationing creating rippling effects throughout our economy. And I'll bet the stock market is going to be heading south big time.

Even if the SPR is tapped (which I think it will be), the capacity to use gulf coast refineries to process it will be significantly diminished. And the only facility in the US that's able to handle offloading oil super tankers is in the direct path of the storm.

IMO, the political fallout from this disaster will push everything else to the back pages for the near future. The only positive aspect I can see is that perhaps people will wake up and demand that obstacles to building new refineries, as well as restrictions on drilling in ANWAR and elsewhere, be removed. Oil shale and tar sand deposits, which North America has in abundance, need to be put on a fast track for development as well.

I hope that the worst of what I fear is in store won't come to pass, but I'm truly afraid that dark days and weeks are ahead...
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