I think we're on the way to $75. China is still growing, and available refining capacity is tighter.

We need to address refining capacity,

There is just no spare refining capacity around to deal with these losses. We don't have any cushion.

Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.

The U.S. refinery system has been showing signs of severe tightness. The shut-in of refining capacity from Katrina is then not so much a straw, but rather a large log on top of an already fully laden camel.

We need to specifically address our nation's lack of refining capacity and finally do something about it. Hurricane Katrina has further underscored the fact that our refining capacity is inadequate.