A billion dollars -- that's fairly sizeable, but not in the scheme of things in respect to the Texas City refinery.

BP is a very upstanding company and they make every effort to insure safety. It's a very dangerous operation. You're dealing with a lot of volatile materials.

It's a fabulously run company.

In a perfect world, you'd take the premium out, and you're looking at an oil price in the lower- to mid-30s. But it is not a perfect world.

When investors start to look for safe havens to put money into, they'll look to energy. Domestic integrated oil companies will do really well. Most likely, the companies that will get a bigger push are the more diverse International integrated oil companies like Exxon-Mobil. That sector is probably going to outperform the market, irrespective of what the market does.

There's concern that Iraq knows it's in a position that if it pulls its production off the market it would have significant implications on moving oil prices sharply higher.