CERAWeek: Some Oil Plenary audience questions

Yergin directs audience questions to the oil plenary speakers. A few of their comments:
“A gas that we don’t actually understand the production mechanism can have huge production,” said Schlumberger’s Gould. “We see very little reason to doubt unconventional shale gas and maybe first overseas tight gases, will become a major part of domestic economies.”
Q: Where is all the new employment talent coming from?
A: Gould said the big volumes of workers have been from Latin America, the Middle East, China and India, “where joining an oil company is seen as a mark of respect, as an academic achievement” versus in the United States or England where when a company goes to recruit on campus companies have to “apologize first” because of the views on the link between the oil industry and the environment.
Q: How is oil demand in China?
A: Zhou noted that demand and production in China has also gone down beginning the second half of 2008. “I remember some of the American firms told us to ask the people to not drive cars but ride bikes,” Zhou said, referring to the concerns there were just a year ago about the demand his country was driving for oil. Zhou said his government has a very large efficiency push on, as well.

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