John Felmy
John Felmy
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.
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.
markets reverse
Right now, the short-term markets are going a little crazy. If there is little damage, they can reverse themselves.
market question
It's a pretty big hit, ... There's no question there will be some very real market impact.
market
It's much more of a world market with oil.
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.
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.
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.