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September 29, 2005

Rita WAS WORSE than Katrina, Thurs., Sept. 29, 2005, 7:57 AM

Regarding the probable damage of Hurricane Rita, I have pointed out the disconnect existing between concerns of the oil & gas industry from the Don't Worry; Be Happy" scenario painted by FEMA. I even said that when it comes to trusting one side or the other, unfortunately I couldn't trust the political side.

Today, Associated Press writer Steve Quinn has published a story that states: Hurricane Rita may be most damaging storm ever for rigs: 13 destroyed or seriously damaged, industry analysts say ‘Something that's never been seen by this country before'".

Katrina clearly was more costly than Rita in terms of loss of life and destruction of wealth and well being to families and businesses. But, in terms of what's important to traders, such as the accuracy of information from government, the FEMA assessment that, post-Rita, the oil & gas industry came through "relatively unscathed", this Administration has not distinguished itself as a reliable source. In fact, quite the contrary.

Moreover, when it comes right down to it, credibility is all that government has going for it. No credibility means no democracy. It means anarchy, which is precisely what happened after Katrina when a large population of Americans had their constitutional rights taken from them.

There is a need in America today to remove agencies like FEMA from the direction (not from the oversight) of politicians.

And now that people are starting to recognize the importance of accurate information, and their right to be able to obtain it, there also ought to be discussion about the biased reporting of a wide variety of economic reports.

There sure is a lack of credibility there too.

Posted by Posted by Bill Cara on September 29, 2005 07:59:03 AM | Category: 10 Energy

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