In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient.

In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient.

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.

I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.

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.

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

The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line.