US Oil Industry Inches Back from Katrina’s Devastation

At the moment, the U.S. has lost production of about 42 million gallons of gasoline a day, equal to 10 percent of its normal consumption, the Energy Information Administration said on Friday.

Given the severity of the damage, Valero Energy Corp. Chief Executive Bill Greehey warned that the country could soon face supply shortages. “Is there enough product to meet demand? I don’t think so, and I think there will be shortages,” Greehey said on CNBC television.
Reuters AlertNet