Steven Pfeifer Quotations

I think this is a positive development for both the companies and the industry. The companies are now moving together, looking at a difficult environment for refining and marketing and coming up with proactive ways to combine their entities and hopefully improve their profitability.

While Exxon shares initially fell by 4.5 percent on Dec. 1, 1998, in reaction to the merger, Exxon shares subsequently advanced 23 percent through Oct. 16, 2000, outpacing a 17-percent average advance for the major oils and a 17-percent advance for the S&P 500.

We think things are heading back into a normal range.

Chavez is a very strong proponent of OPEC and OPEC policies, so we will have a very united OPEC with Chavez in power.