It was like a very long dream, and we're finally waking up. Gasoline by any measure is still very, very inexpensive compared to anywhere.
More Quotes from Fadel Gheit:
The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.Fadel Gheit
I truly believe that oil prices have been artificially low for so long that we're now beginning to pay the real price, ... But if gasoline hits 6 per gallon, I guarantee you'll car pool with your next door neighbor, even if he smells.
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
This is a very very freaky market. The the bad news is this was a very bad quarter. The good news is next quarter is going to be better.
Fadel Gheit
The infrastructure was already strained before the hurricane. The hurricane has made a bad situation worse.
Fadel Gheit
One million barrels is nothing, it's like a rounding error, ... One vessel could arrive tomorrow carrying one or two million barrels of crude.
Fadel Gheit
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