David Pratt Quotes

If a war started, the oil price probably would go up, as you said, maybe $5, $6 a barrel until you saw other oil from the extra supplies that are available elsewhere coming into the world, into the market.

You see this in the oil industry time and time again. Fears that we've found the last oil, that we're going to run out, pop up constantly. And soon afterward, because the price goes up, huge new reservoirs are discovered.

I don't think we're going to see the price of oil going down in the near future, that's the reality.

Global crude oil demand is increasing, particularly in places like China.

Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.

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

I think, for OPEC, the main challenge is to have a price level which brings good profits to them, good incentives for the investments, but at the same time, to prevent prices going to very high levels.

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.

The bulk of extra supplies that could be put into the market come from two places. One, they come from other Persian Gulf suppliers, of which Saudi Arabia is at the top of the list.

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.

You know, if we're going to bring down the price of gas, you have to have three things. You have to have a big reserve, you have to have the ability to develop oil out of that reserve quickly, and you have to be able to produce oil at a relatively low cost.

Petrol price is a deregulated commodity, price of which is decided by our oil marketing companies based on input cost and other parameters.

We need a reasonable price where producers will not start nagging. At a reasonable price, we can invest to produce more oil.

Iraq has, in effect, one export of any consequence. That's oil.

The reason gas prices are so high is because the oil is in Texas and Oklahoma and all the dipsticks are in Washington.

The oil market is especially sensitive even to a hint of expansion or contraction in supply.

We're more familiar with what economists call an English auction - prices start low and rise as people bid. However, there is also the Dutch auction, where prices start high and go lower until somebody bites. Movies are sold to the audience via a very slow Dutch auction, where each phase between price drops can last weeks or months.

The Asian nation's oil demand is expected to grow this year by 800,000 barrels per day and represents more than one-third of the total growth in global demand, according to the Energy Information Agency.

I do believe that oil production globally has peaked at 85 million barrels. And I've been very vocal about it. And what happens? The demand continues to rise. The only way you can possibly kill demand is with price. So the price of oil, gasoline, has to go up to kill the demand. Otherwise, keep the price down, the demand rises.

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.

When you’re dealing with a commodity, high productivity means that nobody makes any money.

The reason you have high oil prices in the United States is that you do not have enough refineries to refine the oil. Do you know that there has not been a refinery built in America in 15 years.

Gasoline prices are a direct reflection of the cost of the raw materials to produce the gasoline, no different than any other product that you would buy, whether it's a good or some other consumable, or it's a luxury item. It's all a function of what do the raw materials cost.

When the price of a drug rises, it becomes profitable and the target of new competition.

A Saudi Arabian prince has said that oil may never again rise above $100 a barrel. He said it's gotten so bad he can't afford to buy his wife her own car that she's not allowed to drive.