If he's taking lessons from Chavez, it's worrisome.

I'm really more concerned that the economy is taking up slack resources. That could be a little bit worrisome. I think the Fed continues to raise rates.

Most of these supply situations are fraught with some kind of peril.

The impact on prices is really dependent on the track of the storm and how it affects production platforms and gathering lines in the Gulf. If the impacts are anything like Hurricane Ivan last year, then prices will clearly spike up.

Production in the Gulf has yet to recover and the trouble in Nigeria shows no signs of easing. We are missing about 1 million barrels of output.

The lack of spare capacity has made us vulnerable to any threat to supply over the last few years. It's important to keep in mind that the biggest single loss of oil output recently was in the Gulf of Mexico.