Yes Tex,
I know about Galveston which, ironically for this discussion, was wiped out by a hurricane I believe in 1907. Over 50,000 killed as I remember.
The ports are, of course, necessary to the discussion, but the key is the refineries which are largely based around Houston and the New Orleans - Baton Rouge corridor.
I don't know what the percentage of oil to gas rigs there are in the gulf and, for this discussion it really doesn't matter. What I do know is that standard operating procedure on these rigs is that when a hurricane is bearing down on them, they are shut down for whatever period of time. Most rigs are designed to withstand a Cat 2 or 3 storm but none will withstand a Cat 4 or 5. I don't think there is any argument about that.
Red tape? I hope so. I don't make it to the coasts that often but when I do I find it very discouraging to see all the oil splattered around on the rocks. If the oil companies would have policed themselves better, the regulations would probably not have been necessary. They certainly deserve part of the blame.
And I too am glad you realize the truth of this statement, "And to think that we invaded Iraq for oil."