All of the crude in the world does not turn the crude into product. It still has to be refined. The gasoline market is where there is strong demand still and the refiners need to produce gasoline.

It's a very powerful bull market right now. The real concern is whether OPEC can make up for any interruptions in supplies. The problem is that we've lost our security cushion. A potential loss in Iranian oil would be impossible to replace and could send oil to $100.

The impact is all going to depend on how much damage there is. At this point, we don't know what the effect is going to be. I don't see it going negative, but at this point people are taking a wait-and-see attitude.

The market is so bullish that it's in accelerator mode. It's feeding on itself. Seventy dollars looks like an achievable target without too much difficulties.

The only event that is going to stop this cycle is something that will cause a downturn in demand, with prices so high that they will hurt the economy.

Anytime we have refinery issues, the market just takes off again. We're back in the uptrend.