Fadel Gheit
Fadel Gheit
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It's cheaper for companies to buy production and reserves on Wall Street than go drill for it. It's instant gratification.
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Everybody is trying to secure their own resources instead of being dependent on somebody else. All these government-owned companies or government agencies are emerging from the bureaucracy and the state's shadow.
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The biggest disaster was the lack of information: The refineries - are they up or down? What happened to the platforms?
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These two companies are rearranging the seats around the table of the biggest game in town. They are prepared for $12 oil; they are looking beyond that,
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It was like a very long dream, and we're finally waking up. Gasoline by any measure is still very, very inexpensive compared to anywhere.
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A rise in oil prices stifles economic growth, ... There is a close correlation between gasoline prices and retail sales. Paying more per week for gas means less disposable income, which impacts retail and the purchasing power of the consumer, as does a higher average home heating bill due to the cost of fuel oil.
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A rise in oil prices is not good news for the equity market or the economy.
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The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.
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The volume of lost production will be significantly greater than that lost under Ivan. Not one company that was affected has been able to restore its production 100 percent.
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The U.S. and global economies are like the walking wounded, ... It's not a matter of whether they will fall, but of when.
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We might see some reflection on crude prices as well as gasoline prices going forward, but not by much. I hope that people do not have high hopes for much lower crude prices or gasoline prices, because that is not in the cards.
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There is no reason for the prices to fall when people are obsessed with the possibility of supply disruptions and the fact that prices are not slowing demand.
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There is speculation that Texaco would be the next takeover target, but on fundamentals, Texaco is a very cheap stock, very high leverage to both oil prices and gas prices and both moving higher,
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We created a panic situation by reading too much into the empty threats, and when these threats started moving prices higher in anticipation, then the U.S. put its foot down and said even if Iraq stops world export, we are prepared to take all the necessary measures to make sure there is plenty of supply.