At 7:03 a.m. CDT on August 29, Ted Falgout, Port Director of Port Fourchon, Louisiana, a key oil and gas hub 60 mi (100 km) south of New Orleans on the Gulf of Mexico, reported that the port had taken a direct hit from the hurricane. The port services approximately 16% of the nation's supply of crude oil and natural gas. According to Falgout, Hurricane Katrina, "will impact oil and gas infrastructure, not just short term but long term as well. The impact of the storm — the Gulf is shut down; all of the area of the storm is shut down; a half billion dollars a day of oil and gas is unavailable."