John Felmy
John Felmy
markets reverse
Right now, the short-term markets are going a little crazy. If there is little damage, they can reverse themselves.
market
It's much more of a world market with oil.
market question
It's a pretty big hit, ... There's no question there will be some very real market impact.
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.
allowed expect market price scarce system
As long as the market system is allowed to work, we'll have price adjustments that allocate scarce (gasoline) supplies, and I wouldn't expect to see shortages.
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.
companies market sets
Our companies don't set the price. The market sets the price.
anybody markets oil production project sell
Markets work, if you let them. Clearly, with $60 oil, anybody who can get a project into production and sell oil is going to be doing that.
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.
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.
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.