Clearly, we expect significant price expenditures (for heating fuels) this winter compared to last winter.
Substantial price increases this winter.
There's a risk that we could have a substantial impact on further refineries. We clearly cannot afford any further disruptions in gasoline production and capacity.
In our outlook we only have two million barrels per day of spare capacity, most of which will be in Saudi Arabia and most of which will be sour. We continue to see that as a pretty tight market.
I think our view is the market needs to continue to be adequately supplied. There is a lot of uncertainty about demand and therefore it's best to let the market determine how much it wants to take up.
We expect (the supply situation) to remain that way for the next several weeks.
Probably, the Midwest region will suffer the largest increases.
We expect gasoline prices to ease off in coming weeks.
Reserves appear to be there, the political will, the Saudi officials that have been talking have been saying that they can get to 15 and keep it there and that would be consistent with our outlook. We think it's plausible.
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