The combination of a slide in equities and further run up of oil is certainly producing a supportive backdrop for our market. It's absolutely a flight to quality pushing the market.

I'm surprised by the drop in crude stocks and the further decline in crude oil imports,

The oil companies themselves aren't interested in building new refineries and will tend to denigrate the chances of any new investors actually succeeding in their business. They'll say, 'What does Richard Branson know about oil refineries?' He doesn't have to know about that part of the business, but he can easily see that oil refiners are making a margin far superior to what he's making in the airline business.

There was a similar effect after the '70s oil shocks, but in recent decades we've gone back to gas guzzlers,

Having a full year of Contact there definitely helps, and oil prices have been stronger this year, though they've been hedged, which takes away some of the effect. Generation should also be better.

The real wild card in pump price is crude oil.