This weakness in an environment of price shocks, fuel volatility and regulatory uncertainty is the recipe for continued boom and bust cycles in the power industry.

The electric power industry's preoccupation with passing through its biggest single-year fuel increases in history is creating a strong chance that U.S. power markets will not be able to successfully address resource adequacy, resulting in power shortages in some areas of the country within the next five years.

We've got to get the investment climate right, now.

The operating environment for automotive supply companies remains as challenging as ever with a lot of uncertainty in the North American markets. Our formula for success remains unchanged. We will continue focusing on those areas within our control, executing with discipline on the fundamentals and maintaining a relentless focus on controlling costs. We should also continue to benefit from our balance and diversification in terms of products, markets served and our customer base as well as from a strong new product and technology pipeline designed to help Tenneco win incremental OE and aftermarket business.

we are facing a number of significant short-term issues, including an uncertain global economic environment, ongoing weakness in some parts of Asia and Latin America, and continued price pressures in semi conductors.

Elections may represent a short-term uncertainty, but we would use associated market weakness as a buying opportunity, similar to the opportunity created by last year's disengagement from Gaza.