Seasonal factors, combined with additional production expected by OPEC, should bring oil prices back down to the mid-20 range by mid-summer.
There are so many variables to watch. With the API numbers on the way, everyone is in a wait and see attitude.
There were a lot of people at Halliburton who knew oil service business. That wasn't what they needed. They needed a strong decision maker, and that's what Cheney was.
Oil services firms really can't control revenues. We look for margin improvement.
The inventory build was two-to-three times greater than expected, and oil prices are backing off.