A Bubble in the System

From Holden:

Did you wonder what bubble Chimpy was babbling about in his press conference on Tuesday?

Could have been this.

Hurricanes Katrina and Rita destroyed 109 oil platforms and five drilling rigs in the Gulf of Mexico, but only a small portion of production will be lost for good, the US government said Tuesday. Rita accounted for most of the damage in a region that ordinarily produces nearly one-third of US crude oil imports, Interior Secretary Gale Norton said in presenting a preliminary assessment report.

Rita destroyed 63 platforms and one drilling rig when it tore through the region on September 24, she said. Katrina destroyed 46 platforms and four drilling rigs when it hit the Gulf at the end of August.

Katrina also caused extensive damage to another 20 platforms and nine drilling rigs. Rita seriously damaged 30 platforms and 10 drilling rigs.

[snip]

A total of 342 platforms remain evacuated, roughly 40 percent of the manned sites in the Gulf, Norton said.

As a result, 90 percent of crude production and 72 percent of natural gas output is paralysed, she said.