We are up above 0 because of Iran. If something happened in Iran we would be in trouble because there isn't enough spare capacity to make up for the loss. If there was 3 or 6 million barrels of spare capacity there wouldn't be this kind of reaction.
Sarah Emerson
The market has already bid up the price of gasoline. It's been buy the rumor and sell the fact
market fact price rumor
Prices will come down on imports. There are lots coming our way.
After Katrina, there were a bunch of refineries which didn't sustain structural damage but couldn't turn the power back on.
power damage
The crude market isn't tight at all. OPEC and non-OPEC production is rising and if anyone wants, they can buy additional oil from the SPR.
market rising oil
Growth is down from last year. The U.S. And China led demand growth last year but that's changing. The situation in China and has changed; they are not using as much distillate fuel for power generation.
growth power changing china demand situation
It's a significant amount of oil. If he were successful it would be very significant. But I don't think it will come to pass.
successful oil
trouble kind loss reaction iran
After Christmas we had two crises. The problems in Nigeria had a short fuse and there was an immediate drop in shipments while the situation in Iran has a much longer fuse.
problems christmas iran situation short
We have big maintenance going on so refiners can gear up for low-sulfur diesel, so we're going to chew up some of these high product levels.
big
With oil prices this high I can't see OPEC cutting production. It's clear they won't change the quotas. Prices aren't going to fall a lot anytime soon.
change fall oil cutting
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