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.

It would make sense that we'd start to see prices fall now that the storm has had less impact than was feared.

oil had a measurable impact on prices paid before the storm (Hurricane Katrina). Given the fact that we are now seeing energy supply interruptions the prices paid index will almost certainly be back above 70 next month, and it's very likely the headline index will fall further on weakness in both production and orders.

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

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

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.