Oil Supply and Demand Quotes

The price of crude oil accounts for 55 percent of the price of a gallon of gasoline, driven by global supply and demand. The United States depends on foreign sources of oil for 62 percent of our nation's supply. By 2010, this is projected to jump to 75 percent.

There is enough oil out there for world demand. It is true that a lot of what's driving oil prices up right now is not the lack of supply. There's enough supply.

The U.S. policy of hoarding crude oil never made the world, or even the U.S., a safer place.

First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.

I saw a report yesterday. There's so much oil, all over the world, they don't know where to dump it. And Saudi Arabia says, 'Oh, there's too much oil.' They - they came back yesterday. Did you see the report? They want to reduce oil production. Do you think they're our friends? They're not our friends.

It is incorrect and unwise to imagine that some day all producer countries will be able to export their surplus oil, and Iran will not be able to export its oil.

There is no free market in oil.

More customers for Canadian oil means that Canadian producers can charge more for their oil, which then means that American businesses and consumers will pay more for oil.

There is no free market for oil. It's controlled by a cartel, OPEC.

If you opened up every single potential drilling opportunity in the United States, it would have the effect of lowering gas prices three cents, maybe. And that's because, of course, oil is traded on a global market.

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

Shell and Exxon support export, but refiners like Valero could end up paying more for the crude oil.

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.

Absent some international interruption, there's no real justification for oil being more than $90 or $100 a barrel.

There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.

There is no free market for oil.

About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.

The problem of oil, it might be tersely said, is that there is always too much or too little.

I think oil prices are down for two reasons. One is, there is a lot of supply. There is a lot of supply because the U.S. now produces a lot of oil and there is a lot of supply because the Saudis seem to want to produce a lot of oil, maybe to punish the Iranians and the Russians.

All agreements for the transportation of oil after this date shall be upon a basis of perfect equality