Valley oil

JIM BUCKEE: The situation is always very tight in the fourth quarter because Northern Hemisphere demand increases; it's the sort of highest quarter for demands. So I'd say we'll see stress again in the third and fourth quarter of ‘08.

MARK COLVIN: Do you think it'll get to $150, 200 by then?

JIM BUCKEE: I think that's the number that's required to ration demand and I'd say so yes.

Now let's see how this one is checking out.