Restarting a refinery is a very delicate operation. These things can blow up. They are complicated, old and cranky.

This was a big reminder of how tight the system is. And what Katrina did is make the system even tighter going forward.

Ivan had a long, lingering effect because of the damage it caused and because it hit the market with a perception - and a reality - of a lack of supplies. In that sense, it heightened the fear of hurricanes this year.

We have a supply shock. How high prices go will depend on how quickly refiners can get back on.

It's purely rhetorical. In order to have these [oil] contracts, you have to have a lot of people invest in them and most of those people are in places such as New York and London.

It's a bullish signal to the market.

We have lost a lot of supplies at a time when we were very vulnerable. How high prices go will depend on how quickly refiners can get back on.