We wanted to secure a place for him at stud in England and give breeders a chance to participate. The Royal Studs are very appropriate. Syndications have trickled along in recent years because the two big players, understandably, don't want to be dictated to by shareholders. We thought syndication suited what we want to do with Motivator.

We have the same concerns a lot of other folks are having. It's really too early to tell [if gas prices will be affected]. It depends on how long pipelines stay down.

We are delighted that the outstanding son of Montjeu will be standing at stud in England. He will retire after the Arc and Breeders' Cup Turf. Her Majesty is thrilled to have such a special horse coming to Sandringham, where Shirley Heights and Bustino have stood before.

There was a lot of analysis but this is the prudent conclusion. Not many horses who win Group Ones at two and three manage a third season. At the moment, he is very hot with breeders, and retiring him now gives us a fantastic chance of establishing him as a successful stallion.

Looking forward to further serving those in the Orange County community.

Motivator will retire after running in the Prix de l'Arc de Triomphe and the Breeders' Cup Turf at Belmont.

It's a refinery problem, not a shortage of crude oil. Gulf production was at 93% capacity, so it's just a matter of getting it refined and getting it up the pipeline to meet demands.

We are delighted this outstanding son of Montjeu will be standing at stud in England.