A Quote by Rodrigo Rato
We have seen a strong increase in oil prices and up to this year we see that the world has been able to absorb that.
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Lower oil prices won't, by themselves, topple the mullahs in Iran. But it's significant that, historically, when oil prices have been low, Iranian reformers have been ascendant and radicals relatively subdued, and vice versa when prices have been high.
Here's what peak oil is - it's not running out. It's that you no longer can produce more, and more, and more, year after year. World oil production has been going up about 1.8-2 percent per annum for decades. And that's what the world economy got attuned to.
In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.
You know, there's nothing damnable about being a strong woman. The world needs strong women. There are a lot of strong women you do not see who are guiding, helping, mothering strong men. They want to remain unseen. It's kind of nice to be able to play a strong woman who is seen.
High prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.
Low oil prices played a part in a major move by Congress voting to end the 40-year-old ban on exporting American crude oil.
It's estimated that about 30 percent of the increase in grain prices could be attributed to the decision to embrace biofuels, particularly corn-based ethanol. It has done nothing for climate change and the business is in real trouble now with the collapse of oil prices. It's completely dependent on a dollar subsidy and tariff from the government.
I've been saying for a long time, and I think you'll agree, because I said it to you once, had we taken the oil - and we should have taken the oil - ISIS would not have been able to form either, because the oil was their primary source of income. And now they have the oil all over the place, including the oil - a lot of the oil in Libya, which was another one of her disasters.
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.
It costs governments money to keep fuel prices low. Oil-rich Yemen, for instance, devotes 9 percent of its GDP to making sure its people don't riot when oil prices rise.
The rise in world oil prices has been larger than anyone forecast.
I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."
Goldman Sachs now has the biggest oil position in America and probably one of the biggest oil positions in the world. They're long oil. So the banks have aggressively been buying oil on their balance sheets. I think they might see this as a way to bail themselves out of this mortgage crisis.
I think it's a little early to tell what the economic impact will be. This year our cattle prices have been particularly high. The demand for beef has remained strong in this country, even though there was the single find in Canada earlier this year.
You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.
Gas prices in many parts of the country are nearing $4 a gallon; it could get even worse as unrest spreads throughout the oil-exporting Middle East. Yet the Obama administration once again seems to see no crisis. It has curtailed new leases for offshore oil exploration for seven years and exempted thousands of acres in the West from new drilling. It will not reconsider opening up small areas of Alaska with known large oil reserves.
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