Severin Borenstein
Severin Borenstein
bad california definitely gasoline news wait
That's definitely bad news for the California gasoline market. We're going to have to wait and see how bad.
build clear complete continued market plants
They continued to build and complete plants after it was clear the market was down.
capacity compared crude demand growth high oil price primarily production rapidly recent risen short today
The world oil price has risen rapidly and is very high today compared to the recent past, primarily because demand growth has been very rapid, and crude oil production capacity is constrained in the short run.
lucky oil tight
They are just the lucky beneficiaries of the tight world oil market.
depends entirely increase
It could increase vastly, but it depends entirely on policy.
bankruptcy company court issue legal liability ongoing responsibility
I think that's a big issue that a bankruptcy court is going to have to confront. What's the ongoing responsibility of the company and what's the legal liability in the contracts.
anymore cars change cost decide drive driving gigantic mile people per rid subway suddenly work
It's not like this is a gigantic change in the cost per mile of driving your car. That's why you won't see many people get rid of their cars or suddenly decide they can't drive to work anymore or will take the subway or whatever.
gasoline high market oil
It's a world market for oil and that's why we have high gasoline prices.
barrel cautious certainly extra looked mean money pouring rat
It looked like money down a rat hole. I can certainly see why they'd be cautious now. Just because you're making an extra $35 a barrel doesn't mean you should be pouring that into exploration.