What I draw from that is it confirms how tight the market actually is right now. To us, the big picture is we are in a situation globally and here in the U.S. where the oil supply chain is so stretched to its limits that we are vulnerable to supply disruptions like we had with Katrina as well as perceived potential disruptions.

Doug MacIntyre

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Then it really depends on how the summer unfolds with demand and summer vacations.

— Doug MacIntyre

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Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.

— Doug MacIntyre

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That sort of gives an indication of the price impact. It's a big decline.

— Doug MacIntyre

We probably are OK (with gasoline supplies) to get to Labor Day, but the question is how much is demand going to fall off (after the holiday) and what's crude going to do and how does that impact the gasoline price.

— Doug MacIntyre

That's just starting to be felt at the pump. We know there's likely to be more price increases before they start coming down.

— Doug MacIntyre