The refineries are going flat out and additional crude is not going to be able to go through those refineries right away, ... It's a good thing to show to the OPEC countries that we're doing something ourselves to increase supply, but it may not achieve much in the near term.
More Quotes from Robert Hormats:
If it starts to cascade from one country to another, it will reduce the efficiency of the global economy and slow down the pace of activity.Robert Hormats
Almost every major company in the world wants to do business with China or is in fact doing business with China and wants to participate in the growth of China. So if the transition goes well, that will reinforce their desire to build up their business relations with China.
Robert Hormats
A lot of these countries owe money to U.S. banks in dollars and yen and, therefore, our financial institutions may find it a little more difficult to collect on some of that money.
Robert Hormats
He will reach out to a broader range of people to hear their point of view. The worst way to serve the president is to narrow the range of advice he is exposed to.
Robert Hormats
Any country that seems to have a slightly overvalued currency gets whacked by speculators. People go after the ones they think will be the weakest.
Robert Hormats
He is very, very good about getting lots of information from people who actually run companies, who actually make financial and business decisions. ... When he sees them socially, he'll find out what's on their minds. He does that a lot. And people in turn are very discreet and they don't turn around and say he's called them.
Robert Hormats
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