A Quote by Michael Klare
The global supply of oil is going to decline because we've used up a good deal of the easy-to-get oil. We're going to reach a point in the not-too-distant future when it is impossible to keep increasing the daily supply.
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I think oil prices are down for two reasons. One is, there is a lot of supply. There is a lot of supply because the U.S. now produces a lot of oil and there is a lot of supply because the Saudis seem to want to produce a lot of oil, maybe to punish the Iranians and the Russians.
[I predict] the electricity generated by water power is the only thing that is going to keep future generations from freezing. Now we use coal whenever we produce electric power by steam engine, but there will be a time when there'll be no more coal to use. That time is not in the very distant future. ... Oil is too insignificant in its available supply to come into much consideration.
There is enough oil out there for world demand. It is true that a lot of what's driving oil prices up right now is not the lack of supply. There's enough supply.
The price of crude oil accounts for 55 percent of the price of a gallon of gasoline, driven by global supply and demand. The United States depends on foreign sources of oil for 62 percent of our nation's supply. By 2010, this is projected to jump to 75 percent.
Debt deflation is when there's less money that people have to spend out of their paychecks on goods and services, because they're paying the FIRE sector. Oil going down is a function of the supply and demand of oil in the market. It's a separate phenomenon.
Even if we were to sign peace today, the economic conditions in our country would not improve automatically because it will take some time to reach the level of oil production before the war and the oil prices are likely to remain low for some time as the supply of oil in the world is high and demand is low.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
We'd be better off if the whole purpose of the adventure in Iraq was, say, to protect Israel or to protect the flow of oil to America and keep it at a reasonable price and try to get some more control. If it was about oil, going into Iraq, I guess, could have made sense. But at a certain point, when the insurgency began and we were in real trouble, there would have been some awareness that we were going to jeopardize the oil.
My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked.
It's important to Russia to be able to attract capital and to attract technology to develop their oil fields, their oil and gas fields, many of which suffer from lack of access to the very best technologies. And it's also important, and this has been the US government's view to have diversification of supply, diversification of supply roots and, of course, diversification in terms of alternative energy.
It's important to understand that oil and renewables do different things. Wind and solar are for power generation, so they don't replace oil. About 70% of all oil produced is used for transportation fuel. Renewables are good projects, but they don't get us off of foreign oil.
This morning, prompted by increasing concerns about terrorism, oil prices reached a record high as the cost of a barrel of crude is a whopping $44.34. Wow, it seems shocking that a product of finite supply gets more expensive the more we use it. Now the terror alert means higher oil prices, which oddly enough means higher profits for oil companies giving them more money to give to politicians whose policies may favor the oil companies such as raising the terror alert level. As Simba once told us: "It's the circle of life."
Supply chains cannot tolerate even 24 hours of disruption. So if you lose your place in the supply chain because of wild behavior you could lose a lot. It would be like pouring cement down one of your oil wells.
All my life I have been hearing that the oil was going to run out. It never happens. They keep discovering new oil fields. The world is apparently floating in oil fields.
I think that competition will exist even if we discover more oil. We're never going to know how much we have, or how long will it last. You are always going to want to have diversity of supply. I think the Middle East will remain a region of competition, of global competition, fighting for a long time.
Venezuela has the biggest oil reserves in the world. And the biggest gas reserves in this hemisphere, the eighth in the world. Venezuela was a U.S. oil colony. All of our oil was going up to the north, and the gas was being used by the U.S. and not by us. Now we are diversifying. Our oil is helping the poor.
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