Fadel Gheit
Fadel Gheit
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The more President Bush talks about releasing strategic reserves, the more we understand that weve got no more production to give.
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Also, the president is making speeches trying to talk oil prices down and say the situation is better, but talk won't change the underlying fundamentals. Demand is still strong, supply is still tight. So even if perception changes for a bit, the situation is no different.
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When gas prices rise then discretionary driving is curtailed. People will think twice. I was just down south and everybody I talked to was carpooling.
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When gas prices rise then discretionary driving is curtailed, ... People will think twice. I was just down south and everybody I talked to was carpooling.
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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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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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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.