"Increases in the crack spread [the difference between the cost of oil and the cost to refine it] recently has been just supply and demand."
"The world market is so big and so vast, it's hard for even a big country and an economic powerhouse like ourselves to have a large impact."
"10 years from now, that oil well may not be earning profits [which] is creating a disincentive to drill."
"We would still be facing $120 [a barrel] oil even if we produced as much oil as we consumed right now."
"It's not going to be painless or instantaneous, but it will be harder to forget the war than it was to forget high oil prices."
“If I'm thinking about drilling a well and I see the writing on the wall ... I might not want to drill that well."
"We're all trying to think about a system where there is no natural gas … In that world, batteries are going to become important, or necessary.”
"...the markets think that there will be sustained demand for oil for quite some time."
“It would not shock me if the transition eventually starts accelerating."
A carbon tax's externality is catastrophic climate change, and a plastic tax's is runaway pollution. “That is the cost society faces.”
