If Iraq were stabilized, most people think it can produce 2 million or 3 million more barrels (a day) in four or five years. Three million barrels would have a dramatic impact on the price.

Most people don't believe OPEC has a lot of spare capacity. But the fact that OPEC is attempting to moderate the price shows a desire to maintain a price that does not depress Western economies.

They've been burned before. If oil companies had confidence in $40 oil, we would see a substantial increase in development and production.

hastens the day when the people of Iraq are in full command of their own affairs.

It's a landmark day in the history of Iraq. We congratulate the Iraqi people.

This is a trading market until the Iraq situation is resolved. Every day the market is going to react to what the news is that day.