John Felmy Oil Quotations

Markets work, if you let them. Clearly, with $60 oil, anybody who can get a project into production and sell oil is going to be doing that.

We can't speak for each of the 170,000 gasoline stations nationwide, ... But it's clear that gasoline prices are up 29 cents a gallon because crude oil prices are up about 29 cents a gallon during the same period.

It was a mistake then, and it is still a bad idea. It drained $79 billion from the industry and reduced the rate of return for producing oil in this country.

Increasing oil prices directly affects consumers. There are increases in transportation and in the cost of all other goods and services that use oil for production -- from heating a factory to building a road.

High oil prices are certainly a drag on the economy, ... Oil is taking money out of the pockets of consumers that could be spent elsewhere, increasing the cost of doing business and the amount of foreign exchange dollars that need be funneled overseas.

Gas prices have gone up, but so have crude oil prices.