John Felmy
John Felmy
companies market sets
Our companies don't set the price. The market sets the price.
develop energy feeling five lack last situation
We're feeling (the crunch) now, but the U.S. has been in this situation for the last five years because of a lack of energy policy, and we need to develop one now,
since uncharted
We're in uncharted territory. We haven't experienced something like this since the 1980's.
costs finding profits requests
When you take all those costs out you're not finding unreasonable profits for everything we have to do to get (gasoline) to consumers. These requests are just unfortunate.
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.
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.
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.
congress free imposing industry mistakes past repeat structures taxes worst
It is important to do no harm. The worst thing Congress could do now would be to repeat the mistakes of the past by overriding the structures of the free marketplace (by) imposing new controls, allocation schemes, new taxes on industry or other obstacles.
earth throw
That would be the stupidest thing on Earth we could do. It would throw us back into the 1970s.
processes series takes
What you've got are a whole series of requirements and processes and that takes days, if not weeks.
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.
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.
high knows petroleum prices products volatile
Everyone knows how high prices have been and how volatile they are for petroleum products this year,