You don't know the legal framework that you are working under. You won't have that until you have a stable government.
Even if the refineries are OK, they could be starved of their imports.
A million sounds pretty high. I have a hard time seeing that from just existing fields and rehabilitation.
We had a huge US crude build and OPEC said they're going to just keep pumping at high levels, so between the two of those it's pretty easy to understand the sell-off.
We're in a world that faces serious problems with political stability in several key regions. People want to hold more supplies closer to home, and that's going to keep demand high for purchasing imported barrels.
People were worried post-Katrina as we have real tight product supply,
OPEC is going to have to go back to some supply management again if they are going to hold a (price) floor. It should be easy for them to manage, it's not like they have to cut a lot they will still be at high output levels.
There's some new problems and challenges ahead in the national switch to ethanol.
This is significantly slower than the recovery from (Hurricane) Ivan, ... The easy stuff has been brought back. ... Now the tough stuff is ahead of us.
Under a Kerry administration we'd likely have a much more interventionist SPR (Strategic Petroleum Reserve) policy,
We are really narrowing our ability for an import bail-out.
Refiners are already going to be feeling a bit of a pinch in their ability to provide supply, and importers as well.