People were worried post-Katrina as we have real tight product supply,

People are going to run as hard as they can. The price incentives are there.

Under a Kerry administration we'd likely have a much more interventionist SPR (Strategic Petroleum Reserve) policy,

Iraq has a lot of potential, but lots of things have to go right. We see no sign of that happening.

Even if the refineries are OK, they could be starved of their imports.

You don't know the legal framework that you are working under. You won't have that until you have a stable government.