After Christmas we had two crises. The problems in Nigeria had a short fuse and there was an immediate drop in shipments while the situation in Iran has a much longer fuse.

We have big maintenance going on so refiners can gear up for low-sulfur diesel, so we’re going to chew up some of these high product levels.

With oil prices this high I can’t see OPEC cutting production. It’s clear they won’t change the quotas. Prices aren’t going to fall a lot anytime soon.

The oil market has become the instrument used by the entire financial community as a hedge against geopolitical risk. The world’s major trouble spots share one feature, they have energy supplies.

The market has already bid up the price of gasoline. It’s been buy the rumor and sell the fact,

Prices will come down on imports. There are lots coming our way.

After Katrina, there were a bunch of refineries which didn’t sustain structural damage but couldn’t turn the power back on.

The crude market isn’t tight at all. OPEC and non-OPEC production is rising and if anyone wants, they can buy additional oil from the SPR.

Growth is down from last year. The U.S. and China led demand growth last year but that’s changing. The situation in China and has changed; they are not using as much distillate fuel for power...

It’s a significant amount of oil. If he were successful it would be very significant. But I don’t think it will come to pass.

We are up above $60 because of Iran. If something happened in Iran we would be in trouble because there isn’t enough spare capacity to make up for the loss. If there was 3 or...