Here is the current situation as of 10PM central:

• Gustav is no longer a hurricane but a tropical depression
• The levee system is still holding
• Oil prices are dropping quickly

It looks like New Orleans got by without any major storm damage. Keep the people, who are currently without power, in our minds within the next few days.

As you are well aware by, Hurricane Gustav made landfall roughly at 10 AM this morning as a category 2 storm and missed New Orleans but has hammered the state none the less.Roughly 800,000 people are out of power, the levee system is still in place but officials still fear flooding.

While Louisiana is safe, the southeast isn’t out of the woods yet – tropical storm Hanna is expected to hit the east cost at some point this week.

Here is the latest for Hurricane Gustav s of 10 PM central:

• Roughly 2 million people have evacuated the Louisiana coastline
• The storm surge is expected to reach 15 feel in some places
• McCain has canceled all speeches for the first day of the Republican convention
• Current storm position

As if a Hurricane bearing down on New Orleans isn’t bad enough, everyone seems to forget that the Levee system is not yet repaired from Hurricane Katrina.

Hurricane Gustav is still a category 3 storm.  Forecasters now believe the storm will no longer make the jump to a category 4. This does not make the situation any less dangerous. If you will recall, hurricane Katrina was also a category 3 storm.

Here is a quick round up of news coverage for the storm:

• Hurricane winds could hit Louisiana by Monday morning
• New Orleans evacuates for “big, ugly storm”
• Gustav Still a Weak Category 3
• Gustav Shutters Refineries on Gulf Coast
• Gustav gives Nagin a second change to get it right

Hurricane Gustav expected storm path

More to come….

Update – Remember, there are a number of things to be thankful for and it can depend on where you live.

Hurricane Gustav is almost in the center of the Gulf as a category 3 storm.  While it lost some of it kick over night, forecasters are predicting Gustav will grow to a Category 4.

As noted previously, New Orleans Mayor Ray Nagin has ordered the evacuation of the city and the U.S. government has declared a state of emergency.  In addition, the Texas Governor activated 5,000 members of the National Guard in preparation for a potential disaster and mandatory evacuation for Jefferson and Orange counties are taking place.

From an economic perspective be prepared for gas prices to rise significantly over the next one to three weeks.  This is due to a shutdown or roughly 77% of oil output and 37% of natural gas production in the Gulf.

More to come…

Hurricane Gustav, which was a Category 3 storm just days ago, is showing signs of growth.  As the storm rolled through Cuba it grew to a Category prompting more than 240,000 people to be evacuated.  Experts are already predicting this storm has the potential to rival Hurricane Katrina .  Unlike 2005, government officials are taking proper steps to safeguard the population.

By Friday evening Ray Nagin, Mayor of New Orleans, ordered all vacationers out of the city by nightfall, the Nation Guard is in place to protect property, President Bush has already declared a state of emergency and a fleet of busses are already moving some 30,000 people out of the city for safer ground.  (source 1, source 2)

Hurricane Katrina was a disaster for a number of reasons – the destruction of property, the loss of life, the response of both local and federal government agencies has transformed a historic city into a partial ghost town.  Based on the actions taken by officials it looks like precautions are being made to prevent Katrina Part 2 from occurring.

Do you think someone has learned a lesson?

Update – Current Strom Track