Does anyone else remember this?
The impact from the hurricane is likely to be felt nationwide for months. Some economists suggest that the disruptions could shave at least one percentage point from a fourth-quarter growth rate that most analysts, until the disaster, expected to reach roughly 3 percent.
Moreover, if oil prices remain around $70 a barrel or higher, they could put the Federal Reserve in an increasingly unpleasant position, caught between the desire to keep inflation low and the pressure to prevent an economic downturn.
The storm, which submerged New Orleans after it slammed into the Gulf of Mexico on Monday, crippled substantial portions of the country’s energy infrastructure. In Louisiana, Mississippi and Alabama, electrical power was out, refineries were drowned, and most of the offshore production of oil and gas had not resumed.
I don’t want to help someone else’s oil industry so we can “Become their best customer”. I want our industry to be developing jobs in the oil and gas business here, so no freezes to death while we wait for an electrical grid and transportation that runs on flying unicorn farts and concentrated moon beams.
Electricity didn’t become widespread because the government restricted gaslight while it commanded the development of the next best thing. Electricity became widespread because we already had the technology, which was proven, cheap, and available.
Command economies don’t work. Just ask all the Soviets who died because all of them were busy making tractors for the five-year plan rather than farming.