Jack Gerard giving present to Abdullah Al Hagbani
"We are the backbone of our economy," Gerard said. "Energy is everything and without energy, particularly low-cost energy, which we've become accustomed to in this country, all the great things we're able to accomplish that have made us the envy of the world would not be possible."
- Jack Gerard, chief executive of the American Petroleum Institute
Houston Chronicle 11/19/2008
Oil prices may fall as low as $40 a barrel by April as demand collapses and production costs ease, Deutsche Bank AG said.
``A huge overhang of new, more efficient refining capacity into an already-oversupplied market'' means prices may undershoot the bank's ``already negative headline view,'' New York-based analyst Paul Sankey said in a note to clients today.
- Bloomberg News 11/19/08