so this week i spoke with sheik hamid, the prime minister of qatar, the largest gas producer, exporter. i spoke with the ceo of exxon mobil, john watson, the ceo of chevron. across the board they all said there is enough oil in the world. the reason oil prices are up is because of speculation, because of mid east unrest and the possibility or speculation of a disruption in supply. >> i think there are three things there. first oil, and many other commodities from '85 to 2003 were in a bear market. they had actually declined in inflation-adjusted terms. and we are entering a period of i think higher prices for these commodities, large lay because of global growth and rising standards of living. they are correct that the supply is there, but the cost of bringing that supply has risen. the permean basin for example is the oldest american large oil reserve. it's worked by almost all of the major u.s. companies. but the costs of getting the oil that is left there have risen. so it requires a higher energy price in order to bring that supply. >> so is inflation an issue for you? i mean with