This behavior was rational, and during this period of volatility and uncertainty, was not unexpected.

There is a gray zone. There is an uncertainty as to what is acceptable behavior.

The market is becoming very volatile. It will move upward or downward with any other news -- including weather news.

The Russians keep changing their laws. My judgment is the Russians are not going to permit in practice significant ownership of oil resources by [international] enterprises. They don't want the loss of control.

In recent years, whenever there has been a crisis in the oil market, it has worked itself out pretty rapidly, and I think chances are this one will too -- probably within 30 days.

The uncertainty is petrol prices,