David Reilly Oil Quotations

Simply put, the era of easy access to energy is over. We are experiencing the convergence of geological difficulty with geopolitical instability. . . . The time when we could count on cheap oil and even cheaper natural gas is clearly ending.

For too long, Americans have been led to believe they can enjoy low oil and gasoline prices with less exploration and refining. The hurricanes have shown that this equation is not sustainable.

Mergers in the US oil and gas industry over the past 25 years have helped the industry become more efficient in the production, refining and marketing of energy supplies. These mergers have created benefits for the American consumer in the form of affordable, reliable and higher-quality fuels.

With over 60 percent of oil and over 15 percent of our natural gas supplies coming from imports, the United States is now more energy-interdependent than it has ever been.

Oil is no longer in plentiful supply. The time when we could count on cheap oil and even cheaper natural gas is clearly ending.

The issue is getting refining and processing rates up, particularly in the Gulf. I'm less concerned about the short- term oil supply. Today there is crude oil in the market.

The combination of the two companies creates a U.S.-based global enterprise that will join the ranks of the largest oil companies in the world,