This is not the first time that the world has 'run out of oil. It's more like the fifth. Cycles of shortage and surplus characterize the entire history of the oil industry.
More Quotes from Daniel Yergin:
Even Silicon Valley investors have put well over a $1 billion in new energy technologies.Daniel Yergin
The starting point for energy security today as it has always been is diversification of supplies and sources.
Daniel Yergin
This is the fifth time that we're supposedly running out of oil,
Daniel Yergin
We are living in a different world now. You can see it everywhere in international relations: It was noteworthy that, after his visit to Washington, the Chinese president's next stop was Saudi Arabia.
Daniel Yergin
Gas prices are clearly reaching a level where it's a political problem for people, ... unless you empty the reserve, it is a very temporary expedient. It does not affect the basic supply-and-demand problem.
Daniel Yergin
A lot of consumers, particularly in New York and other places, are already seeing 3 a gallon. I think the question is will most consumers be seeing 3.50 and 4 At this point it's a real possibility.
Daniel Yergin
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