The new fuel crisis: Hurricanes Katrina and Rita have exposed our nation's vulnerability to disruptions in fuel supply. Weaknesses in the system are due to unnecessary regulations and bureaucracy.(OIL)(Cover story)

In the wake of the unprecedented destruction unleashed on the Gulf Coast by Hurricane Katrina, Americans across the nation were treated to the similarly unprecedented spectacle of gasoline prices pushing beyond $3.00 per gallon. The skyrocketing price of gas, caused by the need to shutter fuel production and refining capacities in the Gulf of Mexico, was accompanied by supply disruptions not seen since the 1970s OPEC-caused shortages. In Milwaukee, Wisconsin, several gas stations ran low on fuel. In other areas the situation was worse. In Atlanta, dozens of stations were forced to close when they ran out of gas and, according to local NBC affiliate WXIA, rumors circulated ...