John Felmy
John Felmy
bad billion drained industry mistake oil producing rate reduced return
It was a mistake then, and it is still a bad idea. It drained $79 billion from the industry and reduced the rate of return for producing oil in this country.
bad energy marketing policy price slippery slope start starts suffered ultimately
When you start intervening in a market, it starts you down a slippery slope of price controls, marketing manipulation and -- ultimately -- the bad energy policy that we suffered through in the 1970s.
affects building cost directly factory goods increases increasing oil prices production services
Increasing oil prices directly affects consumers. There are increases in transportation and in the cost of all other goods and services that use oil for production -- from heating a factory to building a road.
high knows petroleum prices products volatile
Everyone knows how high prices have been and how volatile they are for petroleum products this year,
clearly fix government level
Things clearly have to get done on a government level to fix these issues.
grave learned lesson
I've got grave concerns, ... I thought we had learned this lesson 25 years ago.
act answer best consumers decide handle key rush
The key thing that I can't answer is will consumers act appropriately. If they decide to rush the system, it can't handle it even in the best of times.
conspiracy cost crude gasoline high prices reasons sort
The reasons for high gasoline prices are very clear: the high cost of crude and the high cost of manufacturing gasoline. The idea that this is some sort of conspiracy is very unfortunate.
buck good run running
Those that can run it were running it and making a pretty good buck off it.
good
We've had some good signs, we'll just keep working at it.
creates fill room run storage supply
Eventually, if you don't fill up, we run out of storage room and that creates a supply backlog,
industry investing vast
We are an industry already doing a lot. ... We're already investing vast amounts.
problem
There's no windfall. That's the fundamental problem with that argument.
biggest blow body competition lost market percent petroleum situation supply system talking united
This is the biggest body blow to the petroleum supply system in history. What we're talking about is market competition in a situation where in the United States, we've lost at least 11 percent of our refining.