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"The other are the strategic, so-called strategic stocks that the United States and the other Western industrial countries have, which could put in as much as four million barrels a day of oil into the market pretty quickly."
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"The other are the strategic, so-called strategic stocks that the United States and the other Western industrial countries have, which could put in as much as four million barrels a day of oil into the market pretty quickly."
"The Russians are turning east to the Chinese - to the Europeans' surprise. It always seemed to me that the relationship between Russia and China would shift from being based in Marx and Lenin to being based in oil and gas."
"Clearly, the Chinese need the resources, but I don't think they want to clash with the industrial world which happens to be the market for their goods."
"So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology."
"This has a lot to do with the unrest in Nigeria, but also with the production loss after the hurricanes in the Gulf of Mexico, the decline in Iraq since the 2003 war, and the decline in Venezuelan output since 2002."
"We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s."
"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."
"The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line."
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