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Monday, September 01, 2008

Author Chronicles Economic, Personal Effects of Hurricane

Joanna Ossinger

FOXBusiness

If you want to know what it’s like to ride out a hurricane in the marshes of Louisiana, or even what economic effects to watch for, Ken Wells is a good person to ask.

Wells, who knows a thing or two about hurricanes (he’s a Louisiana native and covered Hurricane Katrina for The Wall Street Journal), just published “The Good Pirates of the Forgotten Bayous,” which chronicles the experience of two fishermen cousins riding out that fateful 2005 storm and trying to rebuild in its aftermath.

He said that the two main economic factors to watch in Hurricane Gustav, or any storm in this area, would be what happens to the oil terminal at Port Fourchon and where the water and the storm surges go.

Port Fourchon, which supports close to 20% of the U.S.’s oil and gas refining capacity and nearly 25% of Louisiana’s commercial fishing catch, could be right in the path of the storm. There’s a lot of concern about the oil rigs in the Gulf of Mexico -- and they could be in for a beating -- but real damage to Port Fourchon could send gas prices much higher.

“If this terminal gets damaged, it’s bad news for America, not just for Louisiana,” Wells said.

As for the water and storm surges, if they’re worst in areas with a lot of marshland things might be OK -- but if they target New Orleans again, or any other vulnerable areas, there could be a lot of misery and rebuilding ahead.