Why exactly did Oil Prices soar when hurricane Katrina took out new orleans?
There are several oil pumps off of the Gulf Coast of Louisiana, and several refineries in Louisiana. A lot of oil was lost; however, there already was a glut of oil that had been held back, to keep oil prices artificially high. I remember a couple of months ago the news stated that there would be a glut of oil reserves by late November, and that oil prices would lower. However, oil prices have risen. Sounds like a glut of gluttony to me…
