For example, the world has vast supplies of natural gas that, pending additional infrastructure development, might be transported in liquefied form to the United States, Europe, Asia, and elsewhere at BTU-equivalent prices below those expected for crude oil.
Finally, I will present some thoughts on what banks and supervisors can do to improve core financial institutions’ resilience to stressed market conditions. I should note that my remarks today benefit from the excellent exchanges of information that occur among banking supervisors at the Basel Committee on Banking Supervision, as well as other bodies like the Joint Forum of banking, insurance and securities supervisors.