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a supply disruption is even higher. However. there is resistance to releasing the SPR, and US commercial inventories tend to be concentrated in the Midwest. where they are not easily transportable to other areas to offset rising prices. It's undeniably true that the oil intensity of growth has fallen si
to change. Past penantance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client perforntance and may not represent actual transactions or investments in client accounts. The mode
ply is tighter than it seems. [e] Conducted by the Emerging Markets Private Equity Association, as reported by Bain & Company in "Private Equity in the Middle East'. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ f
o change. Past performance is not a guarantee of future results. References to the performance or character of ben portfolios generally refer to our Balanced Model Portfolios constructed by JP Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The mode
- 0 • Independent Coordinator of Transmission for En t erg y • Midwest Independent Transmission System Operator • PJM Interconnection (Southeast/Midwest) • Ten nesse° Valley Authority • Southwest Power Pool 1 2002 2003 2004 2005 2006 2007 2008 Source: North American Electric ReliablityCcupo
o change. Past perfomtance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. Iris a proxy for client performance and may nor represent actual transactions or investments in client accounts. The mod
Entities connected to both Middle East and Balanced Model Portfolios

George W. Bush
PERSON
Bloomberg L.P.
ORGANIZATION
Prince Charles
PERSON
Michael Jackson
PERSON
Kuwait
LOCATION
Malaysia
LOCATION
Southern Europe
LOCATION
Al Gore
PERSON
Hungary
LOCATION
JPMorgan Chase
ORGANIZATIONMichael Cembalest
PERSONPrivate Investments
ORGANIZATION
Moody's
ORGANIZATION
Bundesbank
ORGANIZATION
Central Bank
ORGANIZATIONthe European Monetary Union
ORGANIZATIONBundestag
ORGANIZATION