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.
More Quotes from 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
A lot of consumers, particularly in New York and other places, are already seeing 3 a gallon. I think the question is will most consumers be seeing 3.50 and 4 At this point it's a real possibility.
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
You'll have innovators and entrepreneurs and people trying ideas that may seem sensible today or may seem way out. But out of that whole soup will emerge some new ways of doing things.
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 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
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