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Elf Sternberg
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Date: 2005-09-01 08:08 pm (UTC)Not only has Opec pledged to match demand in light of the aftermath of Katrina, but it is ultimately a temporary shortage. While a lot of petroleum product was shipped through New Orleans, it is not the only port in the country (or even on that coast), nor the only refineries, etc.
I imagine the others will be getting a boost to their budgets for production etc, but really, the biggest problem is that people /will/ assume that numbers like '40 per cent of the oil in the US is GOOOOONE' and not realize that it is considered a 'replenishable resource'.
This isn't to make light of the severity of what's happened (to New Orleans et al or to the gasoline). Just - (the gasoline loss) is perceived as a much more severe issue than it is, and that will lead to perception becoming a price 'reality'.