Quote

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.

— Daniel Yergin

Sentiment: NEGATIVE

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✓Similar Perspectives

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.

— Gary Miller

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.

— Jennifer Granholm

You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.

— Rex Tillerson

Over time, there's a very close correlation between what happens to the dollar and what happens to the price of oil. When the dollar gets week, the price of oil, which, as you know, and other commodities are denominated in dollars, they go up. We saw it in the '70s, when the dollar was savagely weakened.

— Steve Forbes

All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.

— Allyson Schwartz

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

— Abdallah Salem el-Badri

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

— Carly Fiorina

When war comes, two things happen - profits go way, way up and all perishables go way, way down. There becomes a market for them.

— Steven Spielberg

Oil prices have certainly become a threat for the world economy.

— Rodrigo Rato

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.

— T. Boone Pickens

✗Opposing Perspectives

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