Is electricity really the lifeblood of civilization?

We are currently in a deep and horrible disaster, being visited on the world’s poorest and the tentacles are gradually crawling up the anchor to take down the rest of the ship. But I also think that there is a good deal of reason for hope – we have vast capacities, vast resources and vast imagination.

Q&A with Marcel Coutu of Syncrude

All OPEC can now do is raise prices by cutting production. They cannot lower prices by increasing production because they don’t have the capacity. We are in a very pure free market situation, with prices being set by supply and demand. When I look at that dynamic, I have stopped worrying about the demand side. No matter how much the US goes into recession, for any period that is important to any of us, any decline in consumption there will be offset by increased demand elsewhere – in China and India, but also in developing countries that produce their own crude oil.