The Exxon Mobil chairman just said at a conference today that oil prices are basically reflecting the global political climate more than supply and demand fundamentals.
More Quotes from Fadel Gheit:
There's hope that an increase in demand will bring down what is perceived to be current high level of inventory, ... But that has not happened. We haven't seen significant declines in inventory levels around the world. That has influenced OPEC's decision.Fadel Gheit
They may not be just forming an alliance but instead merging where they won't have different mindsets but a single set of goals,
Fadel Gheit
This is evidence that we really don't have to worry about shortages.
Fadel Gheit
Also, the president is making speeches trying to talk oil prices down and say the situation is better, but talk won't change the underlying fundamentals. Demand is still strong, supply is still tight. So even if perception changes for a bit, the situation is no different.
Fadel Gheit
All these alternative energy sources are unlikely to make a dent in the big picture. It's going to be many, many years into the future before we see any meaningful results. I don't think any real analysts or investors are betting the ranch on hydrogen.
Fadel Gheit
Oil companies can see the winds have shifted even with Republicans in control of Congress,
Fadel Gheit
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