Daniel Yergin Quotes

Cycles of shortage and surplus characterize the entire history of oil.

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Clearly, the Chinese need the resources, but I don't think they want to clash with the industrial world which happens to be the market for their goods.

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Within four or five years the US might be getting 10 percent of its gasoline from ethanol - that would be like creating a new Indonesia.

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When you adjust it for inflation, a year ago we were looking at gasoline prices that were cheaper than they had been during the Great Depression. So it was an extraordinary bargain.

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Even Silicon Valley investors have put well over a 1 billion in new energy technologies.

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This further underlies the need for greater diversity of supply and more storage capacity for natural gas. Gas-importing countries will recognize the need to build in buffers.

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First, we have to find a common vocabulary for energy security. This notion has a radically different meaning for different people. For Americans it is a geopolitical question. For the Europeans right now it is very much focused on the dependence on imported natural gas.

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A more relevant description would be a plateau in production capacity that might be reached in the fourth or fifth decade of this century.

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This further underlines the need for greater diversity of supply and more storage capacity for natural gas.

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Fourteen months ago, oil seemed to be in a bull market then Asia collapsed, ... This is basically a gross domestic product crisis driven by Asia, so the real prospects are whether you think Asia by the year 2000 will start showing signs of recovery.

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We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s.

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This has a lot to do with the unrest in Nigeria, but also with the production loss after the hurricanes in the Gulf of Mexico, the decline in Iraq since the 2003 war, and the decline in Venezuelan output since 2002.

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The other are the strategic, so-called strategic stocks that the United States and the other Western industrial countries have, which could put in as much as four million barrels a day of oil into the market pretty quickly.

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He's wonderful at stirring up an argument and slinging around rhetoric. ... For some of these people, it seems to be a theological issue. For us, it's an analytic issue.

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A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.

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If they don't ease more oil into the market over the next six weeks, we could see prices spike a good deal higher than they are now.

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There are ample supplies beneath the surface of the planet to have significant growth in oil supply for quite a number of years. The technology is there, the resources are there. But the real question is what happens above ground.

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Ethanol is mandating additional diversity to the pool of motor fuels. The definition of oil is being widened.

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We are living in a different world now. You can see it everywhere in international relations It was noteworthy that, after his visit to Washington, the Chinese president's next stop was Saudi Arabia.

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You'll have innovators and entrepreneurs and people trying ideas that may seem sensible today or may seem way out. But out of that whole soup will emerge some new ways of doing things.

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Everywhere in the world, moving from control to decontrol of prices creates turbulence and also political costs.

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This is a long-lead-time business the investment horizon is five, 10 or 20 years. There's no switch to pull.

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The Russians are turning east to the Chinese - to the Europeans' surprise. It always seemed to me that the relationship between Russia and China would shift from being based in Marx and Lenin to being based in oil and gas.

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Depending on what we learn in the next few days this may be the biggest oil-supply shock since the 1970s. We are now in the days of reckoning.

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So the major obstacle to the development of new supplies is not geology but what happens above ground international affairs, politics, investment and technology.

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