Quotes by John Lichtblau

“[The price gain] is entirely psychological. Nothing has been done. Saddam Hussein advocated the use of Arab oil exports as an instrument to influence the Arab/Israeli situation, but he himself is not in a position to do anything about this, and theres no indication that other Arabs will go along with this.”

“Every dollar means two and a half cents a gallon for oil prices. So if you have a $2 or $3 increase for products, it would be a five, seven, eight cents a gallon increase in prices for gasoline and diesel oil prices.”

“They (drivers) are not going to substantially reduce gasoline consumption.”

“This is a major industry in Russia.”

“People are waiting in line for hours to get gasoline in Venezuela. This is the first time the country has to import gasoline in order to meet its domestic demand.”

“There is no special reason. Nothing that happened couldnt turn around next week.”

“This is such a competitive industry that even with fewer players, it will still be very competitive.”

“This is a severe but temporary situation. Repairs can be done.”

“While the price is high compared to last year, its still low in real dollar terms compared to what it was. Adjusted for inflation this is by no means a record price.”

“Companies are trying to take some action in order to reduce their expenses, so youll likely see some further mergers and acquisitions.”