 Here's just a shot actually just a partial shot of what is the Houston Ship Channel complex in East of Houston. It's a huge crew refinery and petrochemical refining complex. Back during World War II there was concern about the amount of crude and refined products that we would have for the war effort and so the Department of Defense came up with what they call the Petroleum Administrative Defense Districts and this is the way that they could keep tabs on the supply, the demand and at times of rationing set the rationing limits for the various districts across the United States. Well, these have remained in place today and we talk about the pads, the various pads, the supply, the demand, the pricing, those types of things. Now pad one, it's the highest petroleum consumption rate in the United States. You can see, I mean, it's running from Maine down to Florida. So several very, very large metropolitan areas. They are highly dependent on imports for both crude oil and refined products. 100% of the crude oil traditionally has been imported, but now they do have access to some of the oil coming from the shales such as the Marcellus and the Utica. There's also crude oil coming from the Bakken by rail, but in this case, they mean imports as in importing crude oil from other pad regions. 25% of the refined products in the Northeast, they do in fact import. They are the largest recipient of supplies from the other regions, from the other pad districts. The South Atlantic region is experiencing higher population growth rates and the slower growth in New England. So again, demand is expected to expand in the Southeast part of the United States. It's also the largest concentration of oil heated homes. There's still a considerable amount of heating oil used in the Northeast. It's used to create hot water as well as for space heating purposes and when we had our discussion about the supply demand fundamentals that impact crude oil, we talked extensively about the idea that the Northeastern part of the United States is the world's largest consumer of heating oil and fuel oil. Pad 2, as you can see, runs all the way down to Oklahoma and Tennessee and all the way then up to the Canadian border in what we generally call the Midwest region. They're dependent on crude oil imports mostly from Canada, except now that we do have the Bakken oil, which can help supply the region as well, coming from North Dakota. Second highest crude oil demand region in the United States. Again, several major metropolitan areas including Cleveland, Detroit, Chicago, Kansas City, St. Louis, those areas. They are chronically short the market due to a combination of demand growth and refinery closures. So they don't have a lot of crude being produced in that area with the exception of the Bakken and potentially Utica shale. There is crude oil in Oklahoma. The question is, are they getting it to the refineries and as this indicates the there have been anyhow reductions in refining capacity over the years. Pad 3, okay, this is the origin of 90% of the crude oil, 80% of the refined products shipped among the various other pad regions. It's the largest crude oil refined product supply region in the US and only two OPEC nations that is Saudi Arabia and Iran have a higher crude oil production rate than Pad 3. So you can look in and every one of these is an oil producing state. And then no foreign nation has a higher refined product output than Pad 3. Again, the Gulf Coast petroleum refining and petrochemical manufacturing quarter is the largest in the world. Pad 4, which is extensively the or sensibly the Rocky Mountain region. Pad 2 and 3 have historically supplied the market to augment local production. It's a small but growing market. There's minimum demand for specialty products, but the infrastructure is not developed due to long distances living in markets and high costs. The Rocky Mountains are running right through this region. And so it makes it tough to basically transport, have an interchange, so to speak, of crude and refined products. There is a large refinery in the Denver area. And then Pad 5 is the entire West Coast plus Alaska. The West Coast is traditionally isolated from other US supply regions. Again, due to the Rocky Mountains. Growing population continues to increase demand for products. Alaska North Slope crude oil is an important source of supply for West Coast refiners. North Slope crude oil has been around for decades and it is piped in some cases. They do use large tanker ships to bring it down to the lower 48. California Air Resources Board rules. They kind of isolate the market which limits supply options. In other words, I think a lot of you have seen the fuel standards for California from an emissions standpoint are much more restrictive than the rest of the country. And so refiners in that region or refiners wanting to sell to that region have to meet those standards. Just an overview of supply and demand. Over 50% of all the US crude oil demand exists in the Gulf Coast. The demand, yes, because when we talk about crude oil demand itself, we're talking about refinery demand. Production from the Gulf Coast region supplies the majority of the Midwest and East Coast refined product deficit. New England regions becoming increasingly dependent on foreign imports as the South Atlantic region continues to grow. The Midwest deficit is expected to grow as regional refineries struggle to keep up with demand. And the West Coast and Rocky regions are fairly well balanced between regional refined products supply and demand.