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Practice Listening: Multiple Choice, Multiple Answers
ID: #4147
Medium
Oil
Transcript:
Presenter: Oil is back in the news. I have with me today economist Dr Geoffrey Rodham, and writer and activist Susan Crane. Firstly, Dr Rodham, for those of us old enough to remember the oil crises of 1973, or the early eighties, this all seems rather familiar.
Dr Rodham: Well, in fact the situation is far more complicated now. There have been a whole string of events: Iraq is one obvious factor, but then there are the threats to oil companies in Nigeria, the crisis surrounding Yukos in Russia, not to mention the weather.
Presenter: The weather?
Dr Rodham: Yes, the hurricanes in the Gulf of Mexico over the summer have affected US supplies and contributed to the sort of prices we are seeing at the moment. And another difference today is the lack of spare capacity around, combined with much lower than average reserves.
Presenter: Susan?
Susan Crane: Well, I’d like to think that high prices at the pump will start to concentrate a few minds, especially in the US. Even if oil prices go back down again, we are not talking about an inexhaustible supply. Governments and producers should be seeing this as an opportunity to take a more serious look at alternatives.
Dr Rodham: Well, in fact the situation is far more complicated now. There have been a whole string of events: Iraq is one obvious factor, but then there are the threats to oil companies in Nigeria, the crisis surrounding Yukos in Russia, not to mention the weather.
Presenter: The weather?
Dr Rodham: Yes, the hurricanes in the Gulf of Mexico over the summer have affected US supplies and contributed to the sort of prices we are seeing at the moment. And another difference today is the lack of spare capacity around, combined with much lower than average reserves.
Presenter: Susan?
Susan Crane: Well, I’d like to think that high prices at the pump will start to concentrate a few minds, especially in the US. Even if oil prices go back down again, we are not talking about an inexhaustible supply. Governments and producers should be seeing this as an opportunity to take a more serious look at alternatives.
What does the speaker say are the basic factors that are affecting the oil supply to the US?
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