I hate to use the word crisis, but there is certainly potential for real supply tightness,

We got a bigger-than-expected decline because offshore production is still down by more than 50 percent and imports were down. The shock of Katrina is still being felt.

The short-term trend is down. The market finds it hard to muster any upside momentum. When it became clear we weren't going to get above $60 the mass selling started again.

The inventories have built a little bit, but that doesn't mean an outage somewhere doesn't cause price spikes.

Under normal circumstances a move of 70 cents in either direction would be a big deal, but that's no longer the case. There's a lot of support in the $72.60 to $72.75 area and until we break through you won't see a significant pullback.

I hate to say we're in a crisis, but we are. We need to get people moving.