With oil stocks so low, there's a huge amount of concern.
More Quotes from Peter Beutel:
The only good news is that with margins like this, every refiner that can will ramp up output. There may be a long-term change because this storm has focused attention on the need for additional refineries. An aggressive company may agree to jump through the hoops to build the first new refinery in almost 30 years.Peter Beutel
Every time energy prices triple we have a major recession in 1 to 2 years.
Peter Beutel
It's less than 30,000 barrels a day in a country that consumes 21 million. That's not even rearranging a single deck chair on the Titanic. But psychologically, it has some effect.
Peter Beutel
We can debate what percentage of the profits should be plowed back into the company and what percentage belongs to the shareholders. Not being a shareholder, I'd prefer to see them err in the direction of spending a larger portion on refineries and new (oil and gas) fields and infrastructure.
Peter Beutel
There's some apprehension about the report. If we don't see an increase in distillate inventories, traders are going to ask when we will before winter.
Peter Beutel
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