There seems to be a greater tolerance in the economy in terms of what can be withstood.

Greenspan said that the U.S. economy had showed resilience despite soaring global crude prices, suggesting that the tolerance level of the U.S economy is much higher.

Without a shadow of a doubt, Exxon has the best management in the oil industry. They've been riding the momentum of higher prices for some time now, and they've got a pipeline of new opportunities that promises volume growth.

The dynamic shifted this year. There was a growing perception that supply was running out. The doomsday scenario that stated OPEC couldn't meet demand and the Saudis wouldn't be able to increase output gained traction.

Evacuations have already started, which is going to disrupt production. Any storm going through the Gulf is going to slow the pace of the recovery from Katrina.

The second half of last year we started to see another list of projects in place. It is in a lucrative position with one of the strongest production profiles in the sector with very attractive margins as well.