You have an oil market that is quite tight in the products side, particularly in the U.S.. Then you have a hurricane which closed eight refineries. The market looks at the situation and realizes supplies are even tighter. Prices will only fall if demand declines.

There is no reason to do anything other than a rollover. The market is functioning and oil is plentiful.

The subsidies may be big, but the situation in Iraq is such a mess. If there is a price increase, if they remove some of the subsidies, it will cause a lot of hardship.

The hurricane created a crisis, but the roots of the problem are much deeper than that.

It's crazy, socially and politically.