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"Cycles of shortage and surplus characterize the entire history of oil."
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Explore more quotes by Daniel Yergin
"The starting point for energy security today as it has always been is diversification of supplies and sources."
"The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line."
"If a war started, the oil price probably would go up, as you said, maybe $5, $6 a barrel until you saw other oil from the extra supplies that are available elsewhere coming into the world, into the market."
"So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology."
"I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now."
"We are living in a different world now. You can see it everywhere in international relations: It was noteworthy that, after his visit to Washington, the Chinese president's next stop was Saudi Arabia."
"People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters."
"But eventually it's a question of access: Getting access to fields is on top of the oil companies' agenda. We see a substantial build-up of supply occurring over the coming years."
"In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient."
"A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety."
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