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.

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

Generally, there's a lot of cash around and, when the market starts performing, it does start feeding on itself.

Seventy dollars a barrel is a level that has invoked a political reaction.

In a more balanced market there's not the feeding frenzy.

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.