There are concerns that a runaway California [gasoline] market could borrow some East of the Rockies gasoline and send futures higher in the next few days.

The current inability to market products in Europe makes it extremely difficult - and the concerns that have been expressed in Europe are beginning to be raised in the Far East,

I joke that you give up low gas prices for Lent.

But they have been one of the unreported beneficiaries of this run-up, and while the major marketers probably won't do the nuclear option, there are a lot of independents out there really considering it,

We didn't dodge a bullet with Rita; we took a couple bullets in the legs with Katrina and Rita, ... It's still a significant loss, and it's going to create some supply problems through at least mid-October.

These are markets where overreaction follows overreaction. It's manic or it's depressive. It never gets even. You have the equivalent of a Dow that moves 4,000 or 5,000 points in a month.