The first thing we need to do in response to these climbing prices is get our house in order. The U.S. needs legislation that addresses our energy problems, provides incentives for alternative energy, improves energy infrastructure, maximizes domestic resources and addresses the fact that the energy crisis we face now isn't going away.
More Quotes from John Felmy:
High oil prices are certainly a drag on the economy, ... Oil is taking money out of the pockets of consumers that could be spent elsewhere, increasing the cost of doing business and the amount of foreign exchange dollars that need be funneled overseas.John Felmy
This is the biggest body blow to the petroleum supply system in history. What we're talking about is market competition in a situation where in the United States, we've lost at least 11 percent of our refining.
John Felmy
There's no windfall. That's the fundamental problem with that argument.
John Felmy
It's more difficult to produce because it requires heavy significant financial investment in the refineries,
John Felmy
In less than a week, gasoline prices have jumped by as much as 60 cents a gallon, with stations selling premium grades at an average 3 a gallon, according to AAA. On average, gasoline is 50 percent more expensive than it was last year. We're in uncharted territory, ... We haven't experienced something like this since the 1980's.
John Felmy
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