John Felmy
John Felmy
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.
devil product question system
The devil is in the details. We have a well functioning system now. It is a question of cost. Where is the product going to come from?
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.
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.
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.
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.