We're already in uncharted territory now. We can't project what happens from another shot the size of Katrina or worse.
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,
The focus is on gasoline prices and all this gouging stuff. But the larger worry as far as I'm concerned is winter fuel,
You've got a major hole in the oil market right now,
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.