136 Quotes by Fadel Gheit

The surge in oil prices took companies by surprise. They didn't expect the windfall profits and were ill prepared to handle the instant wealth. It's like winning the lottery.

Rumors and speculation have taken over the market.

Our economic dependence on oil is much less than it was even 10 years ago. If inflation comes, it won't be as big a hit as it was in the '80s.

Operationally they exceeded expectations in terms of production; their production volume was up significantly from year ago.

Speculators pushed the prices beyond even the most bullish estimates, because they exaggerated (supply shortage fears), but now I think we see the party's over.

Speculators have no reason to scare people with shortages. And you can see this because futures are dropping and prices will continue to drop,

Oil prices have been exceeding the most bullish forecasts for the past year and a half, and that's not driven by industry fundamentals, but largely by speculation and fears of a potential supply disruption,

Oil prices, ... are probably going to go over $26, which will mark the highest level outside the Iraqi invasion of Kuwait in 1990.

Demand continues to be relatively strong. Supply remains tight. And the global economy seems to be doing OK. As they say, no harm, no foul.