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.

The starting point for energy security today as it has always been is diversification of supplies and sources.

The 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.

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

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

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

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