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.
More Quotes from 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
This is an industry in crisis. Every oil company will reduce their production forecast as lower spending will immediately be followed by lower production and lower reserve replacement.
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
The market always overreacts. That's the nature of the beast. There's tremendous speculation both on the way up and on the way down,
Fadel Gheit
Refining margins across the board obviously cooled off from their all-time high in the third quarter, and obviously that was very clear and expected.
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
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