The market remains very tight. There is a thin cushion of spare capacity. And the market keeps wanting to grow, even with these prices. Demand keeps going up, and there's the problem.

You've got a major hole in the oil market right now,

The focus is on gasoline prices and all this gouging stuff. But the larger worry as far as I'm concerned is winter fuel,

Before Katrina, the system was already so tight that the worst-case scenario was for a disruption that took 250,000 barrels of capacity out of the picture. That would have been considered a major jolt,

We're already in uncharted territory now. We can't project what happens from another shot the size of Katrina or worse.