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Soaring prices for crude oil, falling production surpluses, wild speculation in commodities, a rush into the precious metals, turmoil in the Middle East, assertive oil producers: it is 1973-74 all over again, and at dictation speed.
When coal came into the picture, it took about 50 or 60 years to displace timber. Then, crude oil was found, and it took 60, 70 years, and then natural gas. So it takes 100 years or more for some new breakthrough in energy to become the dominant source. Most people have difficulty coming to grips with the sheer enormity of energy consumption.
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.
This young wine may have a lot of tannins now, but in five or 10 years it is going to be spectacular, despite the fact that right now it tastes like crude oil. You know this is how it is supposed to taste at this stage of development.
Bahrain lies at the epicenter of Gulf security and any violent upheaval in Bahrain would have enormous geopolitical consequences. Global economic stability depends on the uninterrupted export of crude oil from the Gulf to markets around the world - a job that historically has been assigned to the U.S. Fifth Fleet.
Hamad bin Isa Al Khalifa
If I think too much about all of those Chinese factories where all the stuff in a Wal-Mart is made, I get that woozy feeling you get when you see ducks covered in crude oil.
In 1973, America imported 30 percent of its crude oil needs. Today, that number has doubled to more than 60 percent. Gas prices are as high as they are now in part because we've had no comprehensive national energy policy for the past few decades.
A variety of factors contribute to the price of gasoline in the United States. These factors include worldwide supply, demand and competition for crude oil, taxes, regional differences in access to gasoline supplies and environmental regulations.
The price of crude oil accounts for 55 percent of the price of a gallon of gasoline, driven by global supply and demand. The United States depends on foreign sources of oil for 62 percent of our nation's supply. By 2010, this is projected to jump to 75 percent.
As we all know, no crude oil refineries have been built in the United States since 1976. During that time, close to 100 ethanol refineries have been built.
First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.
In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.
About 75 percent of the crude oil marketed here is sold off the books, and they are doing trades that would be illegal if it was a regulated market, and of course they do not want to regulate it.
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.
John S. Watson
The U.S. policy of hoarding crude oil never made the world, or even the U.S., a safer place.
Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.
Global crude oil demand is increasing, particularly in places like China.
The rapid increase in the production and transportation of crude oil requires additional vigilance for the continued safe movement of this commodity.
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.
Public-policy-wise, if you want to be consistent, crude oil is a bulk commodity, and you should be able to export it. I would rather the crude go to U.S. refineries to get refined and then export the refined product because we get double, triple the money.
We access virtually every producing basin, whether for natural gas or crude oil, in the U.S. and Canada.
C. S. Lewis
Leonardo da Vinci
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