Obviously, if they had cut production more, prices would have probably moved higher, and that would have curtailed economic growth, ... They want to make sure they will not be blamed for any economic slowdown in the second half of this year.
More Quotes from Fadel Gheit:
A rise in oil prices is not good news for the equity market or the economy.Fadel Gheit
Oil prices have been exceeding the most bullish forecasts for the past year and a half, and that's not driven by industry fundamentals, but largely by speculation and fears of a potential supply disruption,
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
The only good news about the first quarter is that it's over,
Fadel Gheit
Right now it's a squeeze play for oil industry, ... But if they can get by from here to February, I think the coast is clear.
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
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Count no day lost in which you waited your turn, took only your share and sought advantage over no one.
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When a guy knocks ya down, never get up unless he's gonna kill ya.
Gennaro Angiulo