But the key thing is that Iraq, while it's got very large oil reserves, has marginalized itself as an oil exporter and these days its exports are only about one tenth that of neighboring Saudi Arabia.
Daniel YerginAccording to one study by the United States Geological survey, 86 percent of oil reserves in the United States are the result not of what is estimated at the time of discovery but of the revisions and additions that come with further development.
Daniel YerginEven Silicon Valley investors have put well over a $1 billion in new energy technologies.
Daniel YerginA premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.
Daniel YerginThe North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line.
Daniel YerginThe world has produced about 1 trillion barrels of oil since the start of the industry in the nineteenth century. Currently, it is thought that there are at least 5 trillion barrels of petroleum resources, of which 1.4 trillion is sufficiently developed and technically and economically accessible.
Daniel Yergin