The higher the price of oil goes, the higher your costs are, even with hedging.

Air France has been hurt by high oil prices, just like everyone else.

High oil prices and the emergence of a number of new players on the world stage - not just China and India but also Russia and even Iran - have made it possible to play the major powers off against each other.

Now that the baseline of demand has returned and (oil) prices returned to around $20 to $21 a barrel, the environment is such that there will be a return to exploration, and Schlumberger will be a big beneficiary.

It is going to be an interesting week for crude oil. Demand is increasing as more refinery capacity from the Gulf Coast becomes available.

The hurricane may end up being a big nothing. If it misses oil facilities or the damage isn't too bad prices will fall further. The only way for OPEC to get out of this mess is to overproduce and broadcast they will pump whatever the market requires, which is what they did.