The health department is looking primarily for bacteriological contamination. Oil and gas, you can see or smell.

[U.S. engineers and scientists haven't helped prepare for an era of declining oil because] we're so focused on health and national security, ... We've neglected getting young people involved in how to keep our sewage plants and water supply going and fix our transportation system. Put out bids for subway cars, and all the bids come from Europe. I know -- my wife tells me this is boring stuff. But it's essential.

We're long on autos, short on oil stocks.

Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.

I'd be surprised if oil ticks much lower. Stocks are good, but you only have to have Iran start to threaten the loss of barrels. I expect the Iranians to take this to the wire.

What that says is that even though crude oil prices are at near-record highs, gasoline prices are much higher than the crude oil prices would dictate.