The Bush administration is going to try to do anything it can, even if it's a psychological gesture to the market.
More Quotes from Phil Flynn:
We still have had a pretty good correction from the peak. It shows that there's a lot of confidence in the oil industry and the economy.Phil Flynn
This year the squirrel isn't burying any nuts and we're going into the winter on fumes. Unless something dramatic happens, we're looking at a very expensive winter.
Phil Flynn
If you were worried about heating oil supplies there is nothing in these numbers that will ease your fears. If we get cold weather in the U.S. Northeast this market could really take off.
Phil Flynn
It was Iran worries that drove the market but today it could come down to the numbers. The Department of Energy report may actually be the deciding factor as to whether or not these price levels are justified at this time or whether or not the market has one less worry.
Phil Flynn
The big amount of crude is giving the market a little bit of comfort. Overall, I think we're going to see a very bullish year for oil.
Phil Flynn
Ten years ago, (Bolivia) wouldn't have created a ripple because there was enough world supply. But now we're in a sellers' market. What we're seeing now is any nation with any supply is trying to cash in. It's a very dangerous trend.
Phil Flynn
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