Katrina and Oil Prices: Fasten Your Seat Belts

Here it comes. Oil prices are spiking due to Katrina:

NEW YORK (Reuters) - Oil struck a high near $71 on Tuesday as oil companies raced to check their abandoned oil platforms and refineries for damage after Hurricane Katrina's rampage through the Gulf of Mexico.
U.S. crude hit a record $70.85 a barrel before settling at $69.81, up $2.61 a barrel, amid reports of drifting oil rigs and flooded refineries.