In real terms, consumers today are paying considerably less for gasoline than they did during World War I.
More Quotes from Daniel Yergin:
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.Daniel Yergin
The last time before this time was in the 1970s, when people thought we were going to fall off the oil mountain and live in an age of permanent shortage. Since then, world supplies have increased 60 percent. I don't see why we're at the end of technology now, or why it would be finished 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
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
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.
Daniel Yergin
But look at Angola The Chinese spent a lot of money to get in there, but they are among many other companies. It is a much bigger game.
Daniel Yergin
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