A review of the history of oil industry and its long term cycles can be helpful in charting the cause of actions at the time of short term  uncertainty. Oil industry has been on the up swing during the past 10 years.  Recently, oil price has experienced wild fluctuations since one year ago. Many questions have been raised lately.  Will there be enough oil to support the world economy when growth resumes?  Does the low oil price have positive or negative impact on the future development? What should the energy strategy be when the oil price is low? In this presentation, we will start with the beginning of oil industry, review the past and present, and project into the future. Based on the understanding of the oil industry, we will review energy 

strategies during and beyond this uncertain period.

Dr. S.K. Steve Chang has been active in the oil industry during the past 30 years and has recently retired from Schlumberger.  He joined the company in 1979 and his career progressed as a research scientist, research program leader, research department manager, product line manager, product development manager, vice president and general manager, global acoustic métier manager, and advisor to Merger and Acquisitions. During 2000-2004, he was in Beijing as vice president and general manager to build the Schlumberger Beijing Geoscience Center. Steve received his Ph.D. in Electrical Engineering and Computer Science from University of California, Berkeley. He has 19 US patents and more than 80 journal and conference papers in acoustics and electromagnetics. Steve was the 2007 SEG (Society of Exploration Geophysicists) Honorary Lecturer for South and East. He is currently an Asia Regional Coordinator for SEG and a member of Executive Committee of Chinese American Petroleum Association.