The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line.
More Quotes from 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
This is a long-lead-time business the investment horizon is five, 10 or 20 years. There's no switch to pull.
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
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
He's wonderful at stirring up an argument and slinging around rhetoric. ... For some of these people, it seems to be a theological issue. For us, it's an analytic issue.
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
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