Gasoline prices have begun their seasonal move higher. Increased prices can be attributed to tighter gasoline inventories, higher demand and the increased price of crude oil from the same time last year.

We have high crude prices. We have low inventories. We have strong demand. All of that would be a recipe for a taut market even with refineries (running at full capacity).

We expect very significantly higher prices, higher deductibles and tighter terms and conditions as a result of Katrina. For the next year or two, underwriting results, absent another large catastrophe, should be very, very strong.

If gas prices go up, the consumer is going to be a little tighter than they were.

Lower prices are likely to stimulate increased demand, but to what degree is unknown.

Near-term gasoline prices are likely to go somewhat higher. Are we going to see two bucks again? Not anytime soon.