John Felmy
John Felmy
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.
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.
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.
industry investing vast
We are an industry already doing a lot. ... We're already investing vast amounts.
processes series takes
What you've got are a whole series of requirements and processes and that takes days, if not weeks.
banks cents fair less return risks
We make 8-9 cents on the dollar, less than banks or pharmaceutical companies. It's a fair return for the risks we take.
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.
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.
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,
bills prices
The prices could go up, and consumption could go up, making bills even larger.
since uncharted
We're in uncharted territory. We haven't experienced something like this since the 1980's.
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.
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.
consumers key question
The real question is, What will consumers do? That's a key part of the equation.