Whereas they used to have a higher price range, say 17 to 21 a barrel, now people say prices could be at 11, 12, 15 for a long time, or at least you can't bet your company that they are going to be higher, and that has led to this powerful motive to merge as the next stage of getting your costs under control and spreading them out over a larger base.
More Quotes from 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
This is not the first time that the world has 'run out of oil. It's more like the fifth. Cycles of shortage and surplus characterize the entire history of the oil industry.
Daniel Yergin
So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology.
Daniel Yergin
Within four or five years the US might be getting 10 percent of its gasoline from ethanol - that would be like creating a new Indonesia.
Daniel Yergin
A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.
Daniel Yergin
When you adjust it for inflation, a year ago we were looking at gasoline prices that were cheaper than they had been during the Great Depression. So it was an extraordinary bargain.
Daniel Yergin
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