The volume of lost production will be significantly greater than that lost under Ivan. Not one company that was affected has been able to restore its production 100 percent.

This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.

The drop in prices correlates with unusually high temperatures in the Northeast.

If we don't have a particularly cold winter, we won't see prices rise dramatically.

Speculators pushed the prices beyond even the most bullish estimates, because they exaggerated (supply shortage fears), but now I think we see the party's over.

The only option for these companies is to merge and seek yet more job cuts and savings.