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.

An important United Nations environmental conference went past 6:00 in the evening when the interpreters' contracted working conditions said they could leave. They left, abandoning the delegates unable to talk to each other in their native languages. The French head of the committee, who had insisted on speaking only in French throughout the week suddenly demonstrated the ability to speak excellent English with English-speaking delegates.

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

But eventually it's a question of access: Getting access to fields is on top of the oil companies' agenda. We see a substantial build-up of supply occurring over the coming years.

People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters.

It's extraordinary how inventive one can be with ethanol 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.