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.
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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 that's not enough: To maintain energy security, one needs a supply system that provides a buffer against shocks. It needs large, flexible markets. And it's important to acknowledge the fact that the entire energy supply chain needs to be protected.
Daniel Yergin
I think we've seen a change in the mentality of the senior management of the oil industry over the last few months,
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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
Everywhere in the world, moving from control to decontrol of prices creates turbulence and also political costs.
Daniel Yergin
If they don't ease more oil into the market over the next six weeks, we could see prices spike a good deal higher than they are now.
Daniel Yergin
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