The petroDollar system breaking down, where oil is no longer paid for in Dollars internationally, essentially would be the death knell to the US Dollar as the reserve currency. It means the US can't borrow with 'exorbitant privilege' anymore, and it means the US Treasury market is set for an out-of-control interest rate spiral.
The people among which I lived - and yet live, mainly - made their living from cotton, wheat, cattle, oil, with the usual percentage of business men and professional men.
Every day we hear about a new invention here and there and they are reducing considerably their consumption of oil. But the day they use hydrogen for transportation, this is the day that oil disappears.
Immense deposits of kimmeridge clay, containing the oil-bearing bands or seams, stretch across England from Dorsetshire to Lincolnshire. [An early political recognition of the native resource. The Geological Survey had identified the inflammable oil shale in reports since at least 1888.]
Electric power is everywhere present in unlimited quantities and can drive the world's machinery without the need of coal, oil, gas, or any other of the common fuels.
To make a good salad is to be a brilliant diplomatist - the problem is entirely the same in both cases. To know exactly how much oil one must put with one's vinegar.
America is addicted to oil and increasing amounts of this oil comes from abroad. Some of the nations we depend on for oil have unstable governments or are hostile towards the United States.
Today, as a result of a miraculous set of circumstances, Iran is going to get between $50 to $55 billion in oil revenue, which is unheard of in the history of the revolution.
You should respect each other and refrain from disputes; you should not, like water and oil, repel each other, but should, like milk and water, mingle together.