John Felmy
John Felmy
agree consumers due economic either energy higher people rates reduce savings seen
I think most people would agree that two-thirds of the economic slowdown we've seen is due to higher energy prices, ... And with higher energy prices, consumers will either have to reduce savings rates ... or reduce consumption.
above consumer england fuel primary producing record seen shoot storage
We've been producing record amounts of distillate fuel but what we've seen in ... New England, which is a primary consumer of heating oil, we've seen our inventories of primary storage shoot up to something like 50% above average.
consumers key question
The real question is, What will consumers do? That's a key part of the equation.
calling consumers jigsaw prudent putting puzzle
We're still calling on consumers to be prudent in their use of gasoline. It's just a complicated jigsaw puzzle we're putting back together.
amount business certainly consumers cost dollars drag exchange foreign high increasing money oil pockets prices spent taking
High oil prices are certainly a drag on the economy, ... Oil is taking money out of the pockets of consumers that could be spent elsewhere, increasing the cost of doing business and the amount of foreign exchange dollars that need be funneled overseas.
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.
markets reverse
Right now, the short-term markets are going a little crazy. If there is little damage, they can reverse themselves.
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.
earth throw
That would be the stupidest thing on Earth we could do. It would throw us back into the 1970s.
reports steps terms
What you have is an important set of steps in terms of these are high-temperature, high-pressure facilities. And that's if you have not had any damage, and we know from preliminary reports that's not the case.
nobody villain wants
nobody wants to be the villain in the story.
good
We've had some good signs, we'll just keep working at it.