9/01/2005

Daily Kos: Katrina - a survey of the economic and geopolitical impact

Katrina - a survey of the economic and geopolitical impact
by Jerome a Paris [Subscribe]
Thu Sep 1st, 2005 at 06:20:27 CDT

While it is much more important today to focus on the plight of the affected populations - to evacuate those that still need it, and to help those that have lost everything, it is also becoming clearer eache day that the impact of Katrina on the economy of the USA will be major, and that its international impact will also be very real.

Below the fold:

* oil
* refining capacity and gasoline
* electricity supply
* natural gas and power prices
* ports
* wheat
* other economic indicators
* some unexpected geopolitical ramifications

* Jerome a Paris's diary :: ::
*

Oil


From the (federal) Mineral Management Service (press release for Wednesday)

Today's shut-in oil production is 1,371,814 BOPD. This shut-in oil production is equivalent to 91.45% of the daily oil production in the GOM, which is currently approximately 1.5 million BOPD.

Today's shut-in gas production is 8.345 BCFPD. This shut-in gas production is equivalent to 83.46% of the daily gas production in the GOM, which is currently approximately 10 BCFPD.

This thread over at the oil drum (report from an anonymous insider ) which has been featured in earlier diaries provides some scary information on the status of the offshore platforms has now been partly confirmed by the Coast Guard which confirms that at least 20 platforms are missing (out of more than 700).

The big worry is that a lot of the underwater and onshore pipelines and facilities have been damaged.

It is likely that several hundred thoudand barrels per day will be missing for a long time. In the current streched world market, this is a significant volume gone missing at the worst time (fourth quarter in traditionally the period with the highest worldwide demand for oil).

Refining capacity
From the Dept. of Energy's most recent update on the situation (5 page pdf)...

Daily Kos: Katrina - a survey of the economic and geopolitical impact

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