A Quote by Roger Altman
Russia's oil fields are mature and require capital and Western technology even to keep production flat.
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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.
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.
There's a huge misconception that it's all about the oil, and the truth is there's actually not much oil left in Abyei. The misperception arose because when the peace agreement was signed in 2005, Abyei accounted for a quarter of Sudan's oil production. Since then, the Permanent Court of Arbitration in The Hague defined major oil fields to lie outside Abyei. They're in the north now, not even up for grabs, and they account for one percent of the oil in Sudan. The idea that it's "oil-rich Abyei" is out of date.
If [Western] relations with Russia are to be friendly, they must be open and sincere, otherwise there can be no friendship at all. That means one should be able to speak openly about everything at meetings and conferences. It shouldn't be that we can't discuss the killing of journalists in Russia, or the suppression of human rights, or all the warning signs surfacing in Russia because of oil and gas or other economic reasons. It's a big problem, but it's the same in Western relations with Arab states.
There are many disturbing news. We believe that the production of conventional petroleum reached peak oil already in 2006. The oil fields in the North Sea and the US are collapsing ... time is running out.
I shall argue that it is the capital stock from which we derive satisfaction, not from the additions to it (production) or the subtractions from it (consumption): that consumption, far from being a desideratum, is a deplorable property of the capital stock which necessitates the equally deplorable activity of production: and that the objective of economic policy should not be to maximize consumption or production, but rather to minimize it, i.e. to enable us to maintain our capital stock with as little consumption or production as possible.
The oil industry is a stunning example of how science, technology, and mass production can divert an entire group of companies from their main task. ... No oil company gets as excited about the customers in its own backyard as about the oil in the Sahara Desert. ... But the truth is, it seems to me, that the industry begins with the needs of the customer for its products. From that primal position its definition moves steadily back stream to areas of progressively lesser importance until it finally comes to rest at the search for oil.
In diminishing the role of the worker's body in the labor process, industrial technology has also tended to diminish the importance of the worker. In creating jobs that require less human effort, industrial technology has also been used to create jobs that require less human talent. In creating jobs that demand less of the body, industrial production has also tended to create jobs that give less to the body, in terms of opportunities to accrue knowledge on the production process.
Oil production should peak out around the world in the early 1990s...That means in five years' time we may have chewed up most of the possibility of further expansion of oil production.
Bitumen is junk energy. A joule, or unit of energy, invested in extracting and processing bitumen returns only four to six joules in the form of crude oil. In contrast, conventional oil production in North America returns about 15 joules. Because almost all of the input energy in tar sands production comes from fossil fuels, the process generates significantly more carbon dioxide than conventional oil production.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
Western States keep playing with, and around, Russia.
No Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.
Whatever the potential pitfalls, banks are increasingly enthusiastic about venture capital, particularly in new companies with strong prospects in fields like health care and technology.
What is needed now is a transformation of the major systems of production more profound than even the sweeping post-World War II changes in production technology.
I do not remember when I said this [oil production would collapse ], maybe in the heat of the moment, but I do not think I even said it, but I may just not remember it. I was saying that at a certain level of oil prices new deposits will not be explored. That is what is actually happening. However, surprisingly, our oil and gas workers [mainly oilmen] continue to invest.
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