The first law of economics is that when the price goes up, consumption comes down. This is a divine law.
AHMED ZAKI YAMANI
AHMED ZAKI YAMANI
Ahmed Zaki Yamani on consumption
Ahmed Zaki Yamani11 quotes“The first law of economics is that when the price goes up, consumption comes down. This is a divine law.”
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It does not reflect the fundamentals of supply/demand.
Ahmed Zaki YamaniAhmed Zaki Yamani But the day they use hydrogen for transportation, this is the day that oil disappears.
Ahmed Zaki YamaniAhmed Zaki Yamani The Stone Age didn’t end because we ran out of stones, and the age of oil won’t end because we run out of oil.
Ahmed Zaki YamaniAhmed Zaki Yamani Every day we hear about a new invention here and there and they are reducing considerably their consumption of oil.
Ahmed Zaki YamaniAhmed Zaki Yamani I think the main problem we have is the pricing of oil as it is now. I think it’s wrong. It does not reflect the fundamentals of supply/demand.
Ahmed Zaki YamaniAhmed Zaki Yamani A small group of people, they raise the price of oil and the whole world will suffer from this.
Ahmed Zaki YamaniAhmed Zaki Yamani The oil companies are really making a very lucrative amount of profit from the high price of oil.
Ahmed Zaki YamaniAhmed Zaki Yamani I will do my best to reduce the price of oil to expand the life span of oil at least for two decades or three decades.
Ahmed Zaki YamaniAhmed Zaki Yamani The Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.
Ahmed Zaki YamaniAhmed Zaki Yamani I don’t that they’re very keen to reduce the price of oil. The consumers are those who are the victims so I think that the producers, the governments, some of them, they’re enjoying the high revenue that they get.
Ahmed Zaki YamaniAhmed Zaki Yamani
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More on consumption
Alternatives to oil are coming up. In the long run, it is not going to be as bleak as people are predicting but surely consumption of fuel by automobile sector is going to go down.
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Rakesh JhunjhunwalaRakesh Jhunjhunwala A still-born son is superior to a foolish son endowed with a long life. The first causes grief for but a moment while the latter like a blazing fire consumes his parents in grief for life.
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Percy Bysshe ShelleyPercy Bysshe Shelley Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
Adam SmithAdam Smith When one is consumed by the sorrows of life, three things give him relief: offspring, a wife, and the company of the Lord’s devotees.
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