Given the current market fundamentals we expect average prices for both oil and gas this year to be significantly above 2005 record levels. As a result, we expect 2006 earnings to be above 2005 record levels.
More Quotes from Fadel Gheit:
I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U. S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U. S. economy. I think Saudi Arabia will lead the pack OPEC to increase oil production, which will result in lower oil prices,Fadel Gheit
CNOOC handled it very badly, with poor strategy and poor decision-making. They had the deal almost in their back pocket but they threw it away, insisting Unocal pay Chevron the breakup fee. Either they got bad advice or they didn't take good advice.
Fadel Gheit
Politicians can flip in no time, depending on where the political wind is blowing. The company is concerned and doing the right thing by educating the public.
Fadel Gheit
I guarantee 3-a- gallon gas all over the country if we have any supply disruption anywhere in the Middle East.
Fadel Gheit
I would be very surprised if they don't beat '05 by double digits. Something would have to go dramatically wrong.
Fadel Gheit
The problem is not lack of oil supply. It's lack of oil refining capacity, ... You can give me all the oil you want, but our cars do not run on crude oil.
Fadel Gheit
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