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.
More Quotes from 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
At this point it looks like 70 is squarely in the market's sights, and people are talking about it as a done deal, ... The likelihood is that if Katrina goes into the Gulf and we don't know exactly where it will make landfall, anyone short in this market Friday afternoon will panic.
Peter Beutel
there is something wrong with the market.
Peter Beutel
American consumers spent nearly 10 billion more last week on energy than they did in the same week three years ago. That's not sustainable.
Peter Beutel
There is a lot of new money coming into the market. With the Iran nuclear standoff and the threat of Nigerian supply disruptions there is a lot to worry about.
Peter Beutel
OPEC hawks are still concerned that demand could drop dramatically during the second quarter. But with there being a number of threats to supplies, the cartel did not feel it made sense to cut output.
Peter Beutel
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Based on Topics: Media & News QuotesBased on Keywords: hoops, ramp, refiner, refineries, refinery
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