This has a lot
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. Daniel Yergin
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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. Daniel Yergin
The bulk of extra supplies that could be put into the market come from two places. One, they come from other Persian Gulf suppliers, of which Saudi Arabia is at the top of the list. Daniel Yergin
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. Daniel Yergin
But the key thing is that Iraq, while it’s got very large oil reserves, has marginalized itself as an oil exporter and these days its exports are only about one tenth that of neighboring Saudi Arabia. Daniel Yergin
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. Daniel Yergin
Even Silicon Valley investors have put well over a $1 billion in new energy technologies. Daniel Yergin
We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s. Daniel Yergin
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. Daniel Yergin
It’s extraordinary how inventive one can be with ethanol right now. Daniel Yergin
According to one study by the United States Geological survey, 86 percent of oil reserves in the United States are the result not of what is estimated at the time of discovery but of the revisions and additions that come with further development. Daniel Yergin