Katrina II (aka Rita)

[SteveR]

That sounds great!   I'm all for that. 

But i still mean what I say about energy prices;  I profit both monetarily and personally seeing them go up, so from where i'm sitting all the better if Rita knocks out another 10-15 refineries and oil rigs.

I understand your statement is intended to reflect your environmental beliefs but I would offer that higher gas prices will show up in all sectors of the economy where prices for higher fuel will effect everything you buy resulting in an inflation spiral and reduced consumer spending.  Many on limited incomes will find this far less a positive thing than you do.  

If Rita does knock out another 10-15 refineries and oil rigs, you will also be paying much higher prices for everything you buy; not just gasoline.  I hope you are prepared to also see more income taxes to offset the reduced spending and reducted production as inventories of goods rise and the stock market falls.  

 

[azanon]

Many on limited incomes will find this far less a positive thing than you do.

That was one of my main points;  i'm in a far better position to weather the "storm" than the average joe.    IMO, its not what you have that measures your success or lack thereof.   Its what you have relative to everyone else.    The above-discussed scenario is going to hurt others a lot more than it will me.

Re taxes possibily going higer on me, I play this game called "see how low i can get my realized income", inspired by The Millionairre Next Door   (Rising) taxes, for me, fall in the same heading as rising energy prices;  its going to hurt others a lot more than its going to hurt me.   I dont have a high consumption/high realized income lifestyle that would me put into jeopardy by this happening.  Maxed 401(k)?  check   Maxed IRAs?  check    child credit?  check    Health plan tax deductible?  check   Flexible spending account?  check Interest on home mortgage?  check   Itemize?  check    Bulk of net worth in tax sheltered accounts?  check.

 

[brewer12345]

Check this out:

http://gom.rigzone.com/rita.asp

 

[Marshac]

Check this out:

http://gom.rigzone.com/rita.asp

Looks like a very dense area of rigs will be hit by the eastern (stronger) part of the storm.

 

[brewer12345]

Lotsa refineries in eastern TX, too.

 

[Marshac]

"Rita is developing into our worst-case scenario," said John Kilduff, vice president of risk management at Fimat USA in New York. "This is headed right into our other major refining center just after all the damage done to facilities in Louisiana. From an energy perspective it doesn't get any worse than this."

 

[Martha]

Interesting article from February of this year on the difficulties of evacuating the poor and disabled without cars from Galveston: http://www.chron.com/cs/CDA/ssistory.mpl/metropolitan/3046591

Wonder what has been done since that time to solve the problem, if anything.

 

[moghopper]

Wonder what has been done since that time to solve the problem, if anything.

Since February?!? By a government agency?!?

I don't think we need to wonder.

 

[Marshac]

Since February?!?  By a government agency?!?

I don't think we need to wonder.

I wasn't looking at the date so much as "poor" and "disabled"... the two weakest creatures in our political system.

 

[SteveR]

Poor and disabled..........sounds like NO all over again. We have no adequate means to evacuate people without their own transportation. Any major disaster will affect these people more than others just because there is no adequate means to get them out...especially when the infrastructure of cities are in chaos (is that redundant?)

Just imagine what it would take to create a means to move hundreds of thousands of people from inner city or rural areas. How do you do it? Where do the resources come from? Who pays for it? Where do you put these people? etc etc etc.

 

[Marshac]

Where do you put these people?

FEMAs answer is to put people in $30k 27' RVs

 

[Telly]

Before anybody gets their underwear in a twist about the poor and disabled people in Galveston (probably too late...)

The Gov's been on TV, and the word has gone out about the big bus convoy's to Huntsville. Locations where the busses will pick up, times, etc.

Also, the evacuation plan for the coast, and back into some areas of Houston, have been well publicized. Three timed phases of withdrawals depending on mapped areas A, B, and C.

Also, exact highway routes to particular cities vs. what towns/area people are leaving from on their own have been established to try to minimize traffic gridlock.

Realize that just because Wolfy Blitzer hasn't covered it in the "Situation Room", doesn't mean that nothing is happening!

 

[Martha]

Thanks Telly.

 

[justin]

It's funny how Texas has their act together and LA/NO didn't. Wonder why?

 

[REWahoo]

Rita is now a Category 5.

Telly, I think you've said you live somewhere near the Texas coast. Are you packing up and heading for higher ground?

 

[moghopper]

It's funny how Texas has their act together and LA/NO didn't. Wonder why?

I'm not sure, but I think it has to do with the following.

10. Texas has a "Smarter brand of Redneck"(tm)
9. Warnings in SE Louisiana not issued in Cajun
8. Fewer electronic stores to wait around for in Galveston.
7. Ignoring warnings to evacuate won't work - rescuers all in New Orleans.
6. Astrodome already booked.
5. Walker, Texas Ranger!
4. No more Michael Brown.
3. No Ray Nagin in Galveston.
2. No Kathleen Blanco in Texas.
...
1. Fool me once, shame on — shame on you. Fool me — you can't get fooled again!

 

[maddythebeagle]

Walker, Texas Ranger!

I could just see him drop kicking the looters.

 

[brewer12345]

Rita is now a Category 5.

Telly, I think you've said you live somewhere near the Texas coast.  Are you packing up and heading for higher ground?

Bye-bye refineries...maybe. Let's hope we are not freezing in the dary this winter.

 

[justin]

Bye-bye refineries...maybe. Let's hope we are not freezing in the dary this winter.

Did anybody catch that interview with Richard Branson (Virgin line of businesses)? He said Virgin is planning on spending $2 bln on building refinery(ies). They are also planning on starting an oil exploration and extraction company. I think he sees a market with huge profits and demand potentially exceeding supply. People like him will be the end to Big Oil unless Big Oil makes some changes (starts investing in new refining capacity, sucking more oil out of the ground).

 

[brewer12345]

Did anybody catch that interview with Richard Branson (Virgin line of businesses)?  He said Virgin is planning on spending $2 bln on building refinery(ies).  They are also planning on starting an oil exploration and extraction company.  I think he sees a market with huge profits and demand potentially exceeding supply.  People like him will be the end to Big Oil unless Big Oil makes some changes (starts investing in new refining capacity, sucking more oil out of the ground).

Hahahahahahahahahahahahaha!!!!!

Are you kidding? Have you actually looked at what the oil companies are doing? The biggest guys simply can't find enough spots to drill. The mid-sized and smaller guys are drilling and producing with every penny they can get. Its not for lack of trying.

Its great that Branson wants to build a refinery, but where is he planning to do that? The Gulf? Off the coast of Florida? Off some expensive east coast real estate? I didn't think so.

 

[azanon]

Rita is now a Category 5.

Its still showing Cat 4 at NOAA's site. 140mph sustained. 155+ is cat 5.

 

[REWahoo]

Its still showing Cat 4 at NOAA's site. 140mph sustained. 155+ is cat 5.

CNN had NOAA forecaster live about 30 minutes ago. Rita's winds reported at a sustained 165 MPH.

 

[Telly]

Telly, I think you've said you live somewhere near the Texas coast.  Are you packing up and heading for higher ground?

Thanks for thinking about us    We are well inland, may get tropical storm force winds and a lot of rain.  Way too early to tell.  We have kids that are closer, but they are far enough  inland not to get the worst of it, far far out of direct Gulf water, but may get high winds and torrential rains..

Here in TX we have the cable channel TXCN.  It is the Texas News Channel, owned and operated by the Belo empire.  They have all sorts of coverage and news conferences, Mayor of Houston, EMG Mgmnt. people from various counties, the Governor, etc.  Also Neil Frank, probably the best hurricane forecast guy ever.  He's at a Houston TV station.

For Hurricane Katrine, TXCN pre-empted most of their usual TX programming, and carried WLW-TV (normally in N.O., but relo'd to Baton Rouge).  So WLW via TXCN was the best source of REAL news about the Katrine situation.  They had people who knew and lived in the area their doing the reporting.  Sometimes just by phone.

Back to Rita, Neil was just showing the effect of the Texas high (usually here in summer) on Rita's path.  The TX high is expected to start moving East soon, if/when it does, then Rita can turn in a Northerly vector, from her present Westerly track.  Nei says it's too early to solidly predict where landfall will be.

One more thing about evacuation  - Disabled people or those unable to get to a bus pickup point can call a phone number depending on what City/town they are in to get a scheduled pickup.  Already more than 2000 people have been evac't from Galveston by bus.

Here is a link to tracking and effect maps on NOAA, was just updated @ 4PM:

http://www.stormtracker.noaa.gov/stormtracker-rita.htm

 

[justin]

Hahahahahahahahahahahahaha!!!!!

Are you kidding? Have you actually looked at what the oil companies are doing? The biggest guys simply can't find enough spots to drill. The mid-sized and smaller guys are drilling and producing with every penny they can get. Its not for lack of trying.

Its great that Branson wants to build a refinery, but where is he planning to do that? The Gulf? Off the coast of Florida? Off some expensive east coast real estate? I didn't think so.

Brewer,

I heard Big Oil is making decisions based on oil prices in the $25-30/barrel range, not the current price. Therefore, it doesn't make sense (based on their assumptions) for Big Oil to search for more oil or extract more oil.

As to Branson's idea for locating his refinery, he talked about Africa or Europe. Even Newfoundland. Newfoundland refined fuels could fairly easily be transported via pipeline to the US. Dunno the shipping method du jour for Africa-US oil or Euro-US oil - tanker?

If prices for oil and refined oil products stay at current levels, I think we'll see some movement from Big Oil, or there will be new market entrants. Not tomorrow, but eventually. It takes people like Branson who want to take a risk. He also mentioned how the new oil business would hedge some fuel pricing risks from his airline section. I'm sort of cynical about this - couldn't he hedge through the financial commodities/futures markets more easily? I think he's a greedy bastard that wants to profit from oil/refined oil products (good for consumers!!!).

 

[Mr._johngalt]

It's funny how Texas has their act together and LA/NO didn't.  Wonder why?

I have a theory.

JG