People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters.

So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology.

You'll have innovators and entrepreneurs and people trying ideas that may seem sensible today or may seem way out. But out of that whole soup will emerge some new ways of doing things.

The starting point for energy security today as it has always been is diversification of supplies and sources.

In real terms, consumers today are paying considerably less for gasoline than they did during World War I.

Gas prices are clearly reaching a level where it's a political problem for people, ... unless you empty [the reserve], it is a very temporary expedient. It does not affect the basic supply-and-demand problem.