A Quote by Theodore Levitt

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.

Theodore Levitt

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About Areas Back Backyard Begins Companies Company Customer Customers Definition Desert Divert Entire Example Excited Finally Gets Group How Importance Industry Lesser Main Mass Mass Production Me Moves Needs Oil Oil Industry Own Position Primal Production Products Rest Sahara Sahara Desert Science Search Seems Steadily Stream Stunning Task Technology Truth Truth Is Until

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Theodore Levitt
American - Economist
March 1, 1925 - June 28, 2006

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 The idea that it's "oil-rich Abyei" is out of date.

Rebecca Hamilton

Government experts have estimated that ANWR reserves would only provide enough oil for six months of U.S. oil consumption. In addition, the oil industry itself has estimated that it would take 10 years to bring this oil to the market.

Allyson Schwartz

Beyond a power play by the oil industry, there is no conceivable explanation for barring courts within any state from considering cases related to oil leases and energy production off its own coastlines.

Ted Deutch

Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company. And there was no more damned reason for all these oil companies to buy fertilizer companies, but they didn't know exactly what to do, and if Exxon was doing it, it was good enough for Mobil and vice versa.

Charlie Munger

Brazil does not want to become an exporter of crude oil. No. We want to be a country that exports oil byproducts - more gasoline, high-quality oil - and to strengthen the petrochemical industry.

Luiz Inacio Lula da Silva

There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.

James Buchan

The other thing that soy contributes to, of course, is hydrogenated oil. This is the main oil. This is the fast-food oil.

Michael Pollan

In 1972, Texaco Oil Company, in partnership with PetroEcuador, the state-run oil company of Ecuador, began to drill for oil in the jungles of the Ecuadorian Amazon.

Peter Coyote

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.

Max Keiser

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.

T. Boone Pickens

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."

Jon Stewart

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.

Donald Trump

One lesson I got from Gandhi, 'Be the change you want to see,' haunts me. I just feel like I can't keep stomping around pointing the finger at BP when I am supporting the oil industry with my very own dollars and actions by buying their products, helping to pay their mortgage - plastic is from oil... polyester, shower curtains.

Kristin Bauer van Straten

Oil now, as a result of the Saudi production, is priced so low that there are not going to be new fracking investments made. A lot of companies that have gone into fracking are heavily debt-leveraged, and are beginning to default on their loans. The next wave of defaults that banks are talking about is probably going to be in the fracking industry. When the costs of production are so much more than they can end up getting for the oil, they just stop producing and stop paying their loans.

Michael Hudson

I was born in Siberia, which supplies nearly 80 percent of Russia's oil and natural gas resources, so I've always been aware of how big a pollutant that industry is. But it was a huge wake-up call to learn that the fashion industry is the second-largest polluter after oil.

Miroslava Duma

Speculation in oil stock companies was another great evil ... From the first, oil men had to contend with wild fluctuations in the price of oil. ... Such fluctuations were the natural element of the speculator, and he came early, buying in quantities and holding in storage tanks for higher prices. If enough oil was held, or if the production fell off, up went the price, only to be knocked down by the throwing of great quantities of stocks on the market.

Ida Tarbell

A Quote by Theodore Levitt

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