The good news: Gustav is far weaker than it could have been and is likely to miss New Orleans. Also, it is "not strengthening, according to the National Hurricane Center. This looks like a borderline Category 2/Category 3 storm, with winds of about 100 knots at landfall. That's not good, but it could have been worse. Finally, it appears that almost everyone has heeded evacuation warnings and gotten inland. Apparently, people have learned from Katrina and adjusted their behavior accordingly.
The bad news: It's still a powerful storm and could cause serious damage - heavy rains and storm surge in particular - as it slows over Louisiana and Texas. Also, the storm could remain a tropical storm through Friday; that's a long time to have all this wind and rain.
Good luck to the people of Louisiana and Texas. And politicians? Stay the heck out of there unless you have something positive to contribute (e.g., supplies, national guard troops) and not just your delightful mug on camera!
The worst ones last for days - gets boring after awhile. So I agree - no thanks. In one of them our A/C went out and the 90 degree florida heat for a week was just miserable. We bought a portable A/C so had cool air in one room at least. The water was also off for about a week - so I dove into the dirty pool for my "shower".
Petroleum
As of 12:30 pm EDT (11:30 am CDT), August 31, the Minerals Management Service was reporting that about 1.25 million barrels per day (or well over 90 percent) of the federal portion of the Gulf of Mexico's crude oil production was shut-in. As of 10:00 am EDT (9:00 am CDT), August 31, the Department of Energy was reporting that 12 refineries in the Gulf of Mexico were shutdown, representing 2.1 million barrels per day of capacity, while another 10 refineries had reduced their crude oil throughput. The 12 refineries that were shut down represent at least 700,000 barrels per day of gasoline output and at least 600,000 barrels per day of distillate fuel output, based on recent historical data.However, despite the shut-in of crude oil production and refinery outages, futures prices on the New York Mercantile Exchange (NYMEX) were down sharply as of 2:00 pm EDT, with crude oil for October delivery down over $4 per barrel, and gasoline (RBOB) and heating oil down about 10 cents per gallon each. Market expectations that shut-in crude oil production and refinery outages were going to be temporary is pushing prices down, removing any pre-hurricane price increases. Of course, as yet, no assessments of damage to infrastructure have taken place.