Fadel Gheit Quotes

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Fadel Gheit


“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.”

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


“The companies will have to work hard to earn their performance. They are not going to get a free ride on the back of rising oil and gas prices, which are likely to be flat. What will excite investors are those companies that are able to grow production, add reserves, control costs, raise dividends or buy back stock.”

Fadel Gheit


“This rally is the perfect storm. It's surreal, it's like watching a movie.”

Fadel Gheit


“The only option for these companies is to merge and seek yet more job cuts and savings.”

Fadel Gheit


“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.”

Fadel Gheit


“I would say we'll probably see $70 (a barrel) again before we see $50 or $55 even. When the dust settles, we'll see that while Rita did not match Katrina in terms of impact, it significantly exceeded what's been reported.”

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


“We might see some reflection on crude prices as well as gasoline prices going forward, but not by much. I hope that people do not have high hopes for much lower crude prices or gasoline prices, because that is not in the cards.”

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


“The damage from Hurricane Rita has been significantly under-reported.”

Fadel Gheit


“It's cheaper for companies to buy production and reserves on Wall Street than go drill for it. It's instant gratification.”

Fadel Gheit


“There are mandatory evacuations in the Galveston area, and most of the operating companies near Texas City are preparing to shut down completely by this Friday. They believe, at best, they will be shut down for three days, maybe as long as a week.”

Fadel Gheit


“We have to remember here that almost 25 per cent of our refining capacity is concentrated within a 15 to 20 mile radius from the Houston area, so any impact could be substantial,”

Fadel Gheit