Word: gulf
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...Downriver, it's easy to see the cause of this deadly hostility. Since the 1950s, when oil was first found in recoverable quantities, the Delta and the waters off Nigeria's coast in the Gulf of Guinea have made the country and oil majors such as Chevron, Agip, ExxonMobil and Shell hundreds of billions of dollars. Nigeria currently earns more than $3 billion a month from oil - which accounts for some 95% of its export earnings and 40% of its gdp. But the vast majority of the people of the Delta still live in severe and visible poverty...
...that doesn't mean we're running out of gas and oil. The U.S. consumes about 21.5 million bbl. of crude a day, and with inventories of 321.4 million bbl., stockpiles are above average for this time of year, according to the Energy Department. The major Gulf Coast pipelines were up and running by the end of last week, albeit at reduced capacity. The Louisiana Offshore Oil Port, the nation's only deep-water tanker port, unloaded its first cargo since Aug. 27. Still, some analysts predict that disruptions in the supply chain mean motorists will be in for several...
Optimists say the situation could stabilize relatively quickly. There have been no reports of major damage to Gulf refineries. The problem is there isn't enough electricity to power them. Demand for gasoline typically tapers off after Labor Day. And thanks to a presidential directive, the crude is flowing; 30 million bbl. from the Strategic Petroleum Reserve is being loaned to companies like Exxon. In addition, foreign producers in 25 countries have pledged another 30 million bbl. of crude and refined product. The EPA is allowing sales of less stringently refined fuel, and President Bush is permitting foreign vessels...
Consumers can expect to pay more for basics such as coffee, bananas and paint (made at idled chemical-processing plants in the Gulf). New Orleans is the second largest coffee port in the country, after New York, and stores 27% of the nation's beans. "Right now those supplies are off the table," says Joe De Rupo of the National Coffee Association. Imports are being rerouted to Houston, Miami and Jacksonville, but no one knows whether the 211 million lbs. sitting in bags in New Orleans is salvageable or whether the roasting equipment, possibly submerged in contaminated water...
...emerging from recession on 9/11, and that event did not ruin the recovery (thanks to billions in tax breaks). A slowdown may give the Fed reason to suspend its interest-rate hikes, a prospect that has already sparked a bond-market rally. While Katrina's impact on the Gulf economy is devastating in the near term, an infusion of federal disaster-relief dollars should stimulate industries from homebuilding to appliances and help lift the economy...