How would a big drop in oil prices affect your fund?
Fulmer: Since the pipelines are only in the business of transporting the commodities, they don't take title to them. So whether oil is selling for $120 or $20 a barrel, it does not matter to us. One of the analogies we like to use is this: Picture going through an energy tollbooth, much like a tollbooth on a highway. Whether you are driving a Bentley or a Buick, it does not matter because you are going to be paying the same tariff. And that's where the cash flows from these master limited partnerships are being derived from.
-- Reported by Gregg Greenberg in New York.