Doug MacIntyre
Doug MacIntyre
bottom higher low prices time
We don't see prices going as low as $2.50 any time this summer. They could bottom out much higher than that.
average bigger coverage daily demand drive fleet growth higher levels percentage represent strong supply tends
Demand growth has become so strong that these higher supply levels don't represent the same daily demand coverage they used to. SUVs are making up a bigger percentage of the fleet and the average American tends to drive more miles.
demand growth high impact lower normally people prices saying
Just as we were saying high prices were lessening the demand growth we would normally see, but not as much as some people would think, the lower prices are having some impact on making demand higher.
averaged barrels close four gasoline high imports last million per
Our imports of gasoline averaged close to 1.0 million barrels per day in the last four weeks, which is very high for February.
air damage elevated high prices rise stay ultimate
How high prices rise and how long they stay elevated is still up in the air because we don't know what the ultimate damage is going to be.
along anywhere capacity felt katrina market spare tight
Even before Katrina we felt the market was on edge, a very tight market, with very little spare (refining) capacity anywhere along the chain.
crude loss
There's still crude out there that can make up for any loss in production.
expect lower saying
I would expect (demand) to be lower ... than what we were saying before.
begin gas lose markets normally percent prices tight
We've got a lot more down now than normally would be. If gas markets are already tight to begin with and you lose 5 percent of the supply, prices are going to increase.
continue few likely rise weeks
We think they're going to likely continue to rise for a few more weeks at least.
affecting factor gas playing
It's playing a role, but it's not the only thing affecting gas prices, and it's probably not the most significant factor right now.
demand depends summer unfolds
Then it really depends on how the summer unfolds with demand and summer vacations.
gives indication price sort
That sort of gives an indication of the price impact. It's a big decline.
crude difficult envision looking
It's difficult for me to envision (the OPEC offer) having too much of an impact. Crude inventories here in the U.S. are looking pretty good.