It's still way too early for the news to come out, but ...
Hurricane Katrina has devastated the oil industry that is centered in southern Louisiana. A large number of crude oil refineries are there. Pipelines from offshore run through the Ports of Fourchon and Venice. Both of these small communities were ravaged by the storm. They may have been destroyed.
Most of the hundreds of supply boats use those ports, as well as inland ports in Morgan City and Houma. These boats are absolutely critical to operations offshore. Without them, nothing happens.
Hopefully, after the reports on the losses of life and property in New Orleans, Biloxi and Mobile, the media will let us know about the longer-term effect on all of us because of the loss of these ports. I can tell you this: as a nation, we will immediately become even more dependent on foriegn oil than ever before. This is not good, of course, but is is a fact.
Whatever you may currently think about our involvement in the Middle East, you may want to give it a second thought. At least until alternative fuels are developed and marketed. And that ain't gonna happen overnight.