Hurricane Katrina may push oil above $70/barrel

I posted a few days ago on the rising cost of oil and refined products, saying that about the only bright spot was that Hurricane Katrina would miss the Gulf of Mexico and its associated rigs. If there's a more volatile combination than oil prices and weather, I've yet to find it, and so now that prediction's accuracy leaves a lot to be desired. The link below goes into some detail on Louisiana's contribution to our oil and gasoline supplies; it's the source of about 16% of our crude oil and 11% of our refinery capacity. With the storm approaching, over a half-million barrels per day have been shut in, and expect crude to hit $70/barrel in the morning. This is going to mean some serious impact at the pump, especially if the delicate refinery facilities are damaged in any way.