Saudi, US Officials Pledge Response to Tight Oil Markets

James Schlesinger, who became the first US energy secretary nearly 30 years ago, observed that the present oil crisis, “if it is a crisis,” is the first that resulted not from political actions or upheaval but from “steadily increasing demand pressing against supply.”

He questioned Bodman’s assertion that high oil prices would stimulate development of new fields outside countries that currently are the world’s production leaders.

“At $50/bbl, countries may be less interested in bringing in outside capital than at $20/bbl,” Schlesinger said. “Part of the problem is their desire to retain more domestic control over their resources.”
Oil & Gas Journal