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My Favorite Quotes

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 Fadel Gheit - “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.”
 Fadel Gheit - “They may not be just forming an alliance but instead merging where they won't have different mindsets but a single set of goals,”
 Fadel Gheit - “I think Exxon would probably have to sweeten the deal with some cash, but Exxon stock is an extremely good currency for Mobil shareholders to hold.”
 Fadel Gheit - “Any cooling in economic growth immediately will take oil demand down so one would expect the price will come down.”
 Fadel Gheit - “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,”
 Fadel Gheit - “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.”
 Fadel Gheit - “There have been serious discussions by politicians from both parties about pushing for windfall profit tax. That's what has the industry terrified.”
 Fadel Gheit - “We're already seeing some companies yielding to pressure. But everybody is waiting for the big lady to sing, which is Exxon.”
 Fadel Gheit - “BP is more fat. Exxon is all muscle. Exxon stole the thunder this quarter.”
 Fadel Gheit - “My expectations were extremely high we missed big time.”
 Fadel Gheit - “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.”
 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 - “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.”
 Fadel Gheit - “The more President Bush talks about releasing strategic reserves, the more we understand that weve got no more production to give.”
 Fadel Gheit - “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.”
 Fadel Gheit - “Barring any serious supply disruption, there is plenty of oil and prices could drop if the weather stays warm. But we have tremendous speculation in the markets driving prices, so there is no way to guarantee they will continue to fall.”
 Fadel Gheit - “The warm weather in the U.S. may be cutting demand for oil by 1 million barrels per day.”
 Fadel Gheit - “We could see the market getting tight in the event that we have a really cold winter.”
 Fadel Gheit - “If we don't have a particularly cold winter, we won't see prices rise dramatically.”
 Fadel Gheit - “This is evidence that we really don't have to worry about shortages,”
 Fadel Gheit - “This is evidence that we really don't have to worry about shortages.”
 Fadel Gheit - “There isn't enough spare refining capacity around to offset these unpredictable events, ... We were stretched before the hurricane the hurricane made a bad situation worse.”
 Fadel Gheit - “The infrastructure was already strained before the hurricane. The hurricane has made a bad situation worse.”
 Fadel Gheit - “I would be very surprised if they don't beat '05 by double digits. Something would have to go dramatically wrong.”
 Fadel Gheit - “The bulk of the replacement in the last three years was through acquisitions. The easy oil has been discovered.”

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