Iran is starting to loom in the picture as a threat to oil capacity.

He did a tremendous job at Exxon Mobil, making the Mobil acquisition when oil was $10 a barrel as opposed to all these other executives now making all their acquisitions when oil is at $55.

The move up in crude oil price from $12 a barrel to nearly $31 a barrel has been really positive for oil stocks, ... The Fund that we manage has responded well to that. Every time oil prices fluctuate - retreating, and then moving back up --- that helps oil stocks.

Libya is a country with vast existing oil and gas reserves, but remains highly under-explored.

When you look at it, there is a fairly significant differential in the cost of the oil and it makes a big difference. If there was a vendor that had access to that reduced cost, we would give it serious consideration.

With oil prices at $60 a barrel it was a foregone conclusion they were not going to cut. If you do see disruption from Nigeria, if you do see disruption from Iran, the oil price will go substantially higher from here. So OPEC is reluctant to start turning the taps off just now.