Gas at $3.50 could trigger recession

[n2doc]

So...how many days before we hear * start whining about needing another tax cut for the wealthy?

Assessing Katrina's long-term impact
Gas at $3.50 a gallon could trigger recession
By Rex Nutting, MarketWatch

While most storms have only a regional impact, Katrina could be the rare beast that has national or even international consequences.

"There is a real sense of foreboding about the economy now that Katrina has struck with full force," said Bernard Baumohl, executive director of Economic Outlook Group. "The Louisiana and Mississippi Gulf region represent the soft underbelly of the U.S. energy industry."

Katrina took aim at a vulnerable chokepoint for U.S. energy markets. The region not only produces a large percentage of domestic oil and gas, it is also a transportation hub for both imported and domestic production.

In addition, New Orleans and other Gulf ports handle $150 billion in cargo each year, accounting for about a fifth of U.S. imports and exports. The cities hardest hit account for about 7% of U.S. trade.
More:
http://www.marketwatch.com/news/story.asp?guid={C24B3256-64B4-4137-8B5D-9638FFE3A5D8}&siteid=mktw&dist=

[newportdadde]

1. We never really left the last recession.

[SammyWinstonJack]

2. I was just saying to my husband this morning that

(p)Resident NOT WORTH A DAMN had better NOT go back to DC and say ANYTHING about making the tax cuts for the GREEDY RICH (which includes him and his cabinet members) permanent! :grr: He needs to rescind them ASAP!

[jackster]

3. Nope - time to use the D Word

Depression. It's coming. All factors lead to it. Katrina may just hasten the inevitable.