guy caruso

substantial price increases this winter.

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Conservation is the best short-term initiative we can take.

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Reserves appear to be there, the political will, the Saudi officials that have been talking have been saying that they can get to 15 and keep it there and that would be consistent with our outlook. We think it's plausible.

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The main factor is increased demand, not only in this country but on a global basis.

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There's very little upstream capacity. We're still living in a disrupted world oil supply environment.

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What's happening is fundamentally that the world oil market is extremely tight and crude prices are rising, partly because demand is outstripping supply and partly because of the geopolitical pressures that we're reading about every day in the papers.

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Apparently the price isn't high enough to curb non-discretionary travel.

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I don't have any specific concerns about Saudi Arabia at this time.

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