Document 9
we’re getting a painful lesson in economic geography. what wall street is to money,...
History, 21.08.2019 18:30 adjjones2011
Document 9
we’re getting a painful lesson in economic geography. what wall street is to money, or
hollywood is to entertainment, the gulf coast is to energy. it’s a vast assemblage of refineries,
production platforms, storage tanks and pipelines—and the petroleum engineers, energy
consultants and roustabouts [oil field workers] who make them run. consider the concentration
of energy activity. oil production in the gulf of mexico accounts for nearly 30 percent of the u. s.
total. natural-gas production is roughly 20 percent. about 60 percent of the nation’s oil imports
arrive at gulf ports. nearly half of all u. s. oil refineries are there. [hurricane] katrina hit this
immense system hard. the shock wave to the u. s. and world economies—which could vary from
a temporary run-up in prices to a full-blown global recession—depends on how quickly
america’s energy-industrial complex repairs itself. .
source: robert j. samuelson, “hitting the economy,” newsweek, september 12, 2005
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