Fadel Gheit Quotes (72 Quotes)

I would be very surprised if they don't beat '05 by double digits. Something would have to go dramatically wrong.

I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U. S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U. S. economy. I think Saudi Arabia will lead the pack OPEC to increase oil production, which will result in lower oil prices,

You put all these headlines together, you see the situation is getting charged up and getting out of control. That's why oil traders and speculators are having a field day - this is exactly the kind of environment that speculators want to operate in.

Our economic dependence on oil is much less than it was even 10 years ago. If inflation comes, it won't be as big a hit as it was in the '80s.

Part of the reason (companies are having trouble adding real reserves) is that there has not been an elephant discovery -- one over a billion barrels -- for 15 years.

There have been serious discussions by politicians from both parties about pushing for windfall profit tax. That's what has the industry terrified.

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.

Traders are using the conflict to push prices higher. Everybody now is hiding behind the umbrella of the Iran nuclear stalemate, but we have to remind ourselves that Iran cannot afford to stop its shipment of oil.

The more President Bush talks about releasing strategic reserves, the more we understand that weve got no more production to give.

Alliances are temporary engagement periods and are short of a merger, but they get in the way of the business and are distracting from bigger and better things.

This is evidence that we really don't have to worry about shortages.

Any cooling in economic growth immediately will take oil demand down so one would expect the price will come down.

One million barrels is nothing, it's like a rounding error, ... One vessel could arrive tomorrow carrying one or two million barrels of crude.

We're still in a delicate balance, with people still concerned about a major supply disruption.

It could be a month, it could be a year, but I hope it's not longer. The longer prices stay high, the more trouble there will be.

We're giving the patient the wrong medicine. The problem is not the lack of crude oil.

A rise in oil prices is not good news for the equity market or the economy.

Unless (energy) prices collapse, earnings in 2006 will make 2005 look like a cake walk.

It's a normal pullback after a sharp rise that was driven more by speculation than fundamentals.

We created a panic situation by reading too much into the empty threats, and when these threats started moving prices higher in anticipation, then the U. S. put its foot down and said even if Iraq stops world export, we are prepared to take all the necessary measures to make sure there is plenty of supply.

The infrastructure was already strained before the hurricane. The hurricane has made a bad situation worse.

If we don't have a particularly cold winter, we won't see prices rise dramatically.

Lee Raymond really set the standard for other CEOs in the industry. Everybody else copied Lee Raymond, but you can't duplicate what he's done.

Oil companies can see the winds have shifted even with Republicans in control of Congress,

With the right investment environment and under the right government, Iraq could increase production by a million barrels a day every year for the next 10 years, ... It could be the largest oil exporter in the world, eclipsing Saudi Arabia.

The easing of the tensions in the Middle East has calmed down the oil market and there appear to be no immediate plans to conduct military action against Iraq. So that has eliminated the second point of worry,

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,

The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.

CNOOC handled it very badly, with poor strategy and poor decision-making. They had the deal almost in their back pocket but they threw it away, insisting Unocal pay Chevron the breakup fee. Either they got bad advice or they didn't take good advice.

The Exxon Mobil chairman just said at a conference today that oil prices are basically reflecting the global political climate more than supply and demand fundamentals.

I guarantee 3-a- gallon gas all over the country if we have any supply disruption anywhere in the Middle East.

The surge in oil prices took companies by surprise. They didn't expect the windfall profits and were ill prepared to handle the instant wealth. It's like winning the lottery.

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.

The conventional wisdom was that we were going to see immediately after the terrorist attack a spike of oil prices,

Politicians can flip in no time, depending on where the political wind is blowing. The company is concerned and doing the right thing by educating the public.

The demand for gasoline is very strong. And obviously now people are thinking ahead. And if we have a cold winter, we'll see a run up in home heating oil to above 2 per gallon,

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,

They were hitting on all cylinders. ... It's good news for Exxon shareholders and likely to continue in '06.

We could see the market getting tight in the event that we have a really cold winter.

When gas prices rise then discretionary driving is curtailed, ... People will think twice. I was just down south and everybody I talked to was carpooling.

The bulk of the replacement in the last three years was through acquisitions. The easy oil has been discovered.

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.

A rise in oil prices stifles economic growth, ... There is a close correlation between gasoline prices and retail sales. Paying more per week for gas means less disposable income, which impacts retail and the purchasing power of the consumer, as does a higher average home heating bill due to the cost of fuel oil.

My expectations were extremely high we missed big time.

The hurricane impact significantly exceeded everybody's highest estimate. Being in the Gulf of Mexico and being in the path of the hurricanes, there's nothing you can do about that.

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.

A lot of people were expecting that Saddam Hussein would pull a trick before year-end because he was trying to put pressure on the U. N. to lift sanctions or try to alter the position of the sanction, so he threatened two weeks ago to stop exporting oil, ... The traders panicked in anticipation of a supply shortage, but Iraq never stopped producing oil.

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.

Given the current market fundamentals we expect average prices for both oil and gas this year to be significantly above 2005 record levels. As a result, we expect 2006 earnings to be above 2005 record levels.

Every producer around the world is producing the marginal barrel to take advantage of high prices. Right now, OPEC is not holding back. But OPEC wants to have its cake and eat it, too.