They don't believe this is a war for oil, and I think the American people have woken up. They know this is a war for oil.

We're not going to have an oil war.

The war drums are pushing the price [of oil] higher, but the global market has been tightening since the second quarter and this will continue into the winter.

It's an Intel European, double-ordering, higher oil prices, weaker euro phenomenon,

Oil prices are going nowhere but up and so we believe that earnings are going to go south. It does cast a doubt over whether earnings growth for the rest of the year will be at double-digit levels.

We have already started to see some consumer resistance on high oil prices and this is obviously going to increase, and it will hurt consumer spending.