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

224

There's still crude out there that can make up for any loss in production.

200

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.

191

We may see another week or two of increases.

155

I would expect (demand) to be lower ... than what we were saying before.

126

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.

122

Normally we'd expect to see a decline of about 400,000 barrels a day from August to September just for seasonal reasons, as people stop taking vacations.

119

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

117

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.

93