William Ramsay Quotations

It's shocking. There is no fundamental reason. Prices are talked up by politics, stock levels and security concerns.

It's not an easy topic because it gets at some fairly delicate issues. The source of some of the smuggling, who's involved, means it is probably not that easy a topic to tackle.

I don't think even OPEC likes to see prices at these levels. It's not in their interest,

As Indonesia confronts its subsidies, and as other countries begin to move prices closer to market levels, it takes some of the incentives for smuggling out.

The U.S. can't isolate itself from global markets so whether it buys its oil from the Middle East or not it will be exposed to the same supply conditions of the market and the same price conditions of any other importer.

There needs to be a better assessment of what the vulnerabilities are and what constitutes vulnerability.

(This is not about) setting up some supranational scheme.

I think Russia has made a serious mistake. It has demonstrated its willingness to use its gas as a political and economic tool.

Russia has done some serious damage to its otherwise-good reputation for security of supply. Europe is going to have to take a hard look at their exposure and whether there's a way to fix that.

It's hard to say we had been thinking about this sort of problem. The traditional supply disruption you think about is a political one, like the 1973-1974 embargo. Here, you had a situation where a local refining problem could become a global one.