Normally we'd expect to see a decline of about 400,000 barrels a day from August to September just for seasonal reasons, as people stop taking vacations.

We probably are OK (with gasoline supplies) to get to Labor Day, but the question is how much is demand going to fall off (after the holiday) and what's crude going to do and how does that impact the gasoline price.

Then it really depends on how the summer unfolds with demand and summer vacations.

Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.

That sort of gives an indication of the price impact. It's a big decline.

That's just starting to be felt at the pump. We know there's likely to be more price increases before they start coming down.