If it hits Port Fourchon and destroys the LOOP Terminal and the oil terminal there, the US just lost a major oil delivery point. Think the oil prices were high OTL?
And if Rita damages Houston, the Ship Channel, and the refineries...that would be worse.
(Loosely based on the mockumentary, "Oil Storm".)
We had a watch party at my house when Oil Storm first aired in July 2005. Being from New Orleans, it felt very relevant to me and my friends, even as young adults. How eerie, thinking back on it, considering what would transpire the next month.
As to the larger question of the thread, New Orleans got it pretty much as bad as it could be. While it hit land at cat 3, it carried a cat 5 storm surge. Also, making landfall to the east exposed what turned out to be our weakest link in the levee defenses, the lakeside outfall canal levees, to massive wind-driven surges. There's basically no other trajectory that could have led to the failure of all three outfall canals.