A Quote by Steve Hanke
If you squeeze and squeeze, and you don't allow the Iranians to sell any oil, then what do they have to lose by shutting the Strait of Hormuz down? And if they do that, that's 35% of all the world's oil that comes through the strait and 20% of the liquefied natural gas in the world.
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Oil is a tangible commodity, so there is a global market. The fact that we may need less may affect the global price because we're big consumers: we probably take about a quarter of global demand. But if suddenly, let's just use a crazy example, fighting in the Middle East led to the closure of the Strait of Hormuz and no oil could get out through the Strait of Hormuz, well that would affect China, India, Europe, it will affect the whole global economy. It will affect us, too, then.
The Strait of Hormuz is an international waterway, and it is not helpful for any nation to suggest that it would attempt to restrict traffic through the strait.
Instead of going to the ends of the Earth - and plumbing the depths of the oceans - to squeeze out every last drop of oil, we need, instead, to do everything we can to reduce the risks of offshore oil and gas production.
The settle, followed by 10 for power will give you that grasp on their nuts that you need. Once you've got that, squeeze, squeeze, squeeze and squeeze and don't ever let up! You'll just be breaking 1500 meters down when you hear them yelp. Listen for the yelp, and then bring it into the dock.
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.
If you say the world is totally dependent on oil in many parts of the world, coal and certainly natural gas, we are fossil fuel, that is modernity, modernity has two elements: individualism and oil. Now to move toward a more enlightened sustainable world, we have to transform with lots of technology, with even differences in the way we see the world and how we live in the world. That`s going to take decades.
Any jerk can have short-term earnings. You squeeze, squeeze, squeeze, and the company sinks five years later.
...the era of cheap oil and natural gas is coming to a crashing end, with global oil production projected to peak in 2010 and North American natural gas extraction rates already in decline. These events will have enormous implications for America's petroleum-dependent food system
In 1979 I teamed up with my friend and business partner, Bill DeWitt, and together we formed an oil and gas company that invested through limited partnerships in oil and gas exploration.
Fracking is an amazing instance of discovery of many things that come together to make it much cheaper to extract oil and gas. In a world where burning oil and gas puts more and more carbon into the atmosphere, it's not actually the most important kind of innovation to have.
Controlled Middle East oil, it would control the world. This oil represents 65 percent of world oil reserves. Therefore, America believes if it squashed Iraq, it would control the oil of the Middle East and consequently hold the oil in its hands [and] fix its price the way it likes.
Then there is another area of activity - economic interaction between Russia and the United States. Right now, for example, it has already been made public that we signed a large deal to privatise one of our biggest oil and gas companies, Rosneft. We know for sure that US companies, as well as Japanese ones, by the way, are keenly interested in cooperation in Russia's oil and gas sector, in joint work. This has immense significance for world energy markets and will directly affect the whole world economy.
About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.
Relative to oil, however, natural gas is very cheap and very attractive. And I think that natural gas in emerging markets is very attractive. There is very little natural gas infrastructure in places such as China, where there is tremendous demand for natural gas.
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market.
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