John Felmy
John Felmy
costs provide
If you don't provide the relief, nothing will happen. The start-up costs are just too massive.
corn ethanol example fuel increase
If you were to, for example, increase your ethanol usage to 20% of the fuel supply, you'd use 100% of the corn crop.
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.
brief compromise decision higher individual possible production push safety
It may be possible to push production higher for very brief periods, but the decision to do so must be made by individual companies, which will not compromise the safety of workers.
markets reverse
Right now, the short-term markets are going a little crazy. If there is little damage, they can reverse themselves.
industry stain
It's a stain on the industry that's unfair. It's just disappointing.
earth throw
That would be the stupidest thing on Earth we could do. It would throw us back into the 1970s.
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,
cyclical earning energy fair meet money rate return rhetoric risk
This is unfortunate rhetoric from politicians. We're a cyclical industry, earning a fair rate of return for everything we have to do to meet our energy needs, all the money we have to invest, all risk we have to take.
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.
problem
There's no windfall. That's the fundamental problem with that argument.
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.
market
It's much more of a world market with oil.
difficult financial heavy investment produce requires
It's more difficult to produce because it requires heavy significant financial investment in the refineries,