John Lichtblau Quotations

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

There is no special reason. Nothing that happened couldn't turn around next week.

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.

It was absolutely necessary for OPEC to boost production and there was no question they would do it -- the question now is whether the increases will be enough. Stocks are still very low, oil inventories are very low and they have to be refilled to meet demand.

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.

Companies are trying to take some action in order to reduce their expenses, so you'll likely see some further mergers and acquisitions.

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

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

The U.N. Security Council would be hurting the world more than it was hurting Iran if it restricted Iranian oil exports. The United Nations might restrict other Iranian exports or limit Iranian imports of military equipment, but I don't see the U.N. Security Council imposing sanctions on Iranian oil.

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