Rita is now a Category 5, and looks like she’s fixing to do some serious damage. It certainly seems as though the evacuations in Texas are going better than those a few weeks back now, but I fear the worst…

Meanwhile, everyone else, prepare to get screwed, too.

Valero Energy Corp Chairman and Chief Executive Bill Greehey said Hurricane Rita's impact on U.S. crude oil production and refining could be a "national disaster."

"If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3.00 a gallon at the pump," Greehey said in a Tuesday night interview.

[…]

"It's going to be coming across the (U.S.) Gulf (of Mexico)," Greehey said. "There's a lot of oil platforms, oil rigs, (natural) gas platforms, gas rigs. It could have a significant impact on supply and prices, and then, depending on what it does to the refineries, there are still four refineries that are shut down. So this really is a national disaster."

Or, prepare to be gouged.

Mr. Shakes noted last night that those of us who depend on natural gas for heating should be prepared to pay double this year what we paid last winter. And that was before this news. Scary stuff.