Word: lichtblau
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...what should be done to cope with it. For the answers, TIME interviewed at length five leading independent oil experts. They are: Morris Adelman, 62, professor of economics at Massachusetts Institute of Technology; Walter Levy, 68, the dean of petroleum consultants and adviser to governments and oil companies; John Lichtblau, 57, head of the private Petroleum Industry Research Foundation; Arnold Safer, 42, an economist of Irving Trust Co.; John Sawhill, 42, president of New York University and former Federal Energy Administrator. Excerpts from from the interviews...
...LICHTBLAU: We are not going to run out of oil, but we may run out of suppliers who are willing to give us more, even if it is available. Oil can be denied either for political reasons or because a country simply has no economic interest in increasing production. That is the danger...
...LICHTBLAU: We should use our surplus of natural gas to fuel industrial plants and utilities. Coal-powered electricity plants in the Midwest could export surplus electricity to the East and replace imported oil. One of our greatest errors was not to build up our strategic oil reserves. Had we done so, the Iranian cutback would have had less of an impact. We should move full speed ahead with the reserve plan now because there will be another crisis some time down the road...
...LICHTBLAU: When you decontrol and raise the price of oil, less will be consumed. But whether more oil will be found is not clear. There will be some additional production, and more money will be spent to get secondary and tertiary recovery from older wells...
...companies bid for any available crude that is not already committed to customers under long-term contracts. Though the quoted long-term OPEC price currently stands at about $13 per bbl., spot-market oil last week was trading for as much as $17 per bbl. Warns Energy Economist John Lichtblau of the Petroleum Industry Research Foundation: "The OPEC countries are free to adjust their prices if they want to, and they could well increase them so that not only will spot prices go up, but official prices as well, at least temporarily." It seems that the energy crisis is turning...