There is speculation that Texaco would be the next takeover target, but on fundamentals, Texaco is a very cheap stock, very high leverage to both oil prices and gas prices and both moving higher,

BP is more fat. Exxon is all muscle. Exxon stole the thunder this quarter.

The bulk of the replacement in the last three years was through acquisitions. The easy oil has been discovered.

It’s market perception that moves the market, and the perception is negative,

They may not be just forming an alliance but instead merging where they won’t have different mindsets but a single set of goals,

The Exxon Mobil chairman just said at a conference today that oil prices are basically reflecting the global political climate more than supply and demand fundamentals.

I do believe we are in an oil price bubble. It will eventually burst. The question is not if but when.

Record oil prices, what else?

We could see the market getting tight in the event that we have a really cold winter.

Until and unless the stalemate with Iran is resolved one way or the other, I think we’re going to see prices higher.

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.

It’s a normal pullback after a sharp rise that was driven more by speculation than fundamentals.

There isn’t enough spare refining capacity around to offset these unpredictable events, … We were stretched before the hurricane; the hurricane made a bad situation worse.

The market always overreacts. That’s the nature of the beast. There’s tremendous speculation both on the way up and on the way down,

One million barrels is nothing, it’s like a rounding error, … One vessel could arrive tomorrow carrying one or two million barrels of crude.

These governments are totally unpopular and repressive. The only thing they have going for them is buying stability, throwing money at their friends and enemies.

All these alternative energy sources are unlikely to make a dent in the big picture. It’s going to be many, many years into the future before we see any meaningful results. I don’t think any...

We might see some reflection on crude prices as well as gasoline prices going forward, but not by much. I hope that people do not have high hopes for much lower crude prices or gasoline...

OPEC really cannot extend this period much longer, … OPEC wants to do what I call a soft landing, by easing supply back into the market slowly and not causing any shocks.

Any cooling in economic growth immediately will take oil demand down so one would expect the price will come down.

There is no reason for the prices to fall when people are obsessed with the possibility of supply disruptions and the fact that prices are not slowing demand.

Their margins are extremely strong.

The companies will have to work hard to earn their performance. They are not going to get a free ride on the back of rising oil and gas prices, which are likely to be flat....

These two companies are rearranging the seats around the table of the biggest game in town. They are prepared for $12 oil; they are looking beyond that,

We’re giving the patient the wrong medicine. The problem is not the lack of crude oil.

Volatility will continue and we are going to see higher highs and lower lows.

The problem is not lack of oil supply. It’s lack of oil refining capacity, … You can give me all the oil you want, but our cars do not run on crude oil.

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

Right now it’s a squeeze play for oil industry, … But if they can get by from here to February, I think the coast is clear.

The easing of the tensions in the Middle East has calmed down the oil market and there appear to be no immediate plans to conduct military action against Iraq. So that has eliminated the second...

Traders are using the conflict to push prices higher. Everybody now is hiding behind the umbrella of the Iran nuclear stalemate, but we have to remind ourselves that Iran cannot afford to stop its shipment...

Investors need to think first, and not put money randomly into oil stocks,

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,

Rumors and speculation have taken over the market.

We’re still in a delicate balance, with people still concerned about a major supply disruption.

My expectations were extremely high; we missed big time.

Basically the stocks are following the sentiment on the crude side more than anything else. There are no big surprises.

High oil prices will come and haunt us.

The market is therefore focused on two things: No additional supplies coming from OPEC. The other factor is that we should be entering what is a high demand period for oil products with the start...

They were hitting on all cylinders. … It’s good news for Exxon shareholders and likely to continue in ’06.

Exxon Mobil should be a core holding for long-term investors seeking superior risk-adjusted return.

The only option for these companies is to merge and seek yet more job cuts and savings.

The conventional wisdom was that we were going to see immediately after the terrorist attack a spike of oil prices,

What he’s saying makes a lot of sense. Unfortunately, the source of the comment is going to send jitters in the market.

maybe sprinkle a few names from refining, marketing, some independent stocks, and energy services stocks.

Occidental is paying more than double what its own stock is valuing its existing reserves,

It’s cheaper for companies to buy production and reserves on Wall Street than go drill for it. It’s instant gratification.

It’s the only way, there’s nothing else

All these things are beginning to show up. When you have rising energy prices, something has to give. It’s not going to go unmatched by costs.

Refining margins across the board obviously cooled off from their all-time high in the third quarter, and obviously that was very clear and expected.