John Felmy
John Felmy
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.
bad billion drained industry mistake oil producing rate reduced return
It was a mistake then, and it is still a bad idea. It drained $79 billion from the industry and reduced the rate of return for producing oil in this country.
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.
earth throw
That would be the stupidest thing on Earth we could do. It would throw us back into the 1970s.
cents clear crude gallon gasoline oil prices speak stations
We can't speak for each of the 170,000 gasoline stations nationwide, ... But it's clear that gasoline prices are up 29 cents a gallon because crude oil prices are up about 29 cents a gallon during the same period.
consumers key question
The real question is, What will consumers do? That's a key part of the equation.
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.
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.
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.