This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.

The volume of lost production will be significantly greater than that lost under Ivan. Not one company that was affected has been able to restore its production 100 percent.

Right now it's a squeeze play for oil industry, ... But if they can get by from here to February, I think the coast is clear.

Oil companies can see the winds have shifted even with Republicans in control of Congress. The White House is reeling. All of a sudden the industry does not have the strong backing it had six months ago.

Oil companies can see the winds have shifted even with Republicans in control of Congress,

The drop in prices correlates with unusually high temperatures in the Northeast.