I would like to thank Daniel Yergin for his kind invitation to speak this evening at the CERAWeek conference. The energy industry--more precisely, the price of oil--is on the minds of almost everyone these days, and this conference is addressing many important issues. I am a macroeconomist, and do not plan on focusing tonight on developments in the energy sector. But from time to time the price of oil becomes a macroeconomic issue, and this is one of those times. So I have been listening intently to the many experts who have already spoken here today, and look forward to the discussion that will follow this speech, in the belief that I will emerge with a better understanding of recent and future developments in the industry.
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