Hurricane Katrina - CNN (Situation Room & Lou Dobbs) - 2005-08-29
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Read a transcript preview of “Hurricane Katrina - CNN (Situation Room & Lou Dobbs) - 2005-08-29” from malgent, uploaded on 2025-12-17.
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Language: English (original, YouTube automatic captions)
[0:03] $7 almost eight points. Uh we'll
[0:07] continue to watch NASDAQ at the impact.
[0:10] But in addition to the lives that are
[0:11] have been on the line, Katrina has also
[0:14] endangered offshore oil rigs at a time
[0:17] when gas prices already are skyhigh.
[0:19] Let's check in with CN's Ally Belchi.
[0:21] He's on the story for us from Winnie,
[0:23] Texas. That's east of Houston. Ally, uh,
[0:27] explain to our viewers why this
[0:29] hurricane is going to have such an
[0:31] impact on the price of energy.
[0:33] >> Well, you'll you'll know, uh, Wolf, that
[0:36] while this made landfall at category 4,
[0:38] it was category 5 while it was in the
[0:40] Gulf of Mexico and it was spinning
[0:42] around those oil rigs and platforms
[0:44] which make up a quarter of U, a third of
[0:46] US oil production. And also Louisiana
[0:50] has a the port which unloads the largest
[0:52] of the super tankers which bring
[0:54] imported oil into the United States. So
[0:56] in expectation of of landfall, oil
[0:59] traded up to an all-time high $70 a
[1:02] barrel above $70 a barrel before trading
[1:05] began in New York. It pulled back a
[1:07] little bit. Oil has closed at $67 and
[1:09] change uh which is you know far lower
[1:13] than it was early this morning. But part
[1:15] of that is because during the course of
[1:17] the day when it was reported that there
[1:19] might be damage to the oil
[1:20] infrastructure, rumors started swirling
[1:22] and and uh and there were some
[1:24] suggestions out of Washington that the
[1:26] United States might tap the strategic
[1:28] petroleum reserve, which is why I'm
[1:29] here. I'm in Winnie, Texas, which is one
[1:31] of the four spots where the United
[1:32] States stores uh over 700 million
[1:35] barrel