Stocks Rally, But Watch the Damage Reports

And the Louisiana Offshore Oil Port is concerned it can’t deliver oil supplies to the Midwest. LOOP, as it is known in the industry, allows supertankers that can’t get into U.S. ports to unload oil supplies at a platform off Louisiana’s coast. The oil is pumped ashore from there and into a national network of pipelines for refining.

So, it’s possible energy prices will move higher. One analyst suggested that if 10% of the oil production from the Gulf of Mexico doesn’t come back online for, say, three to four weeks, look for crude oil to hit $100 a barrel. Among other things, CNBC’s Rob Reynolds said this afternoon, consumer spending would “seize up like a rusty boat engine.”
MSN Money