Daniel Yergin

(Daniel Howard Yergin)

Daniel Yergin
Daniel Yergin
  • Born: February 6, 1947
  • Nationality: American
  • Profession: Author, Historian, Educator, Energy Analyst

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Daniel Howard Yergin is an American author, speaker, energy expert, and economic historian. Yergin is vice chairman of IHS Markit, a research and information company which absorbed his own energy research consultancy Cambridge Energy Research Associates in 2004. He has authored or co-authored several books on energy and world economics, including the Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money, and Power (1991) and The Quest: Energy, Security, and the Remaking of the Modern World (2011). Yergin's articles and op-eds on energy, history, and the economy have been published in publications such as The Wall Street Journal, The New York Times, The Washington Post, and The Financial Times. All of Yergin's books have been drafted in long-hand. Currently a director on entities such as the Council on Foreign Relations and the United States Energy Association, he is also a trustee of the Brookings Institution and a long-term advisor to several U.S. administrations. He is also chairman of the annual CERAWeek energy conference.

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The United States must face the uncomfortable fact that its goal of “energy independence”--- a phrase that has become a mantra since it was first articulated by Richard Nixon four weeks after the 1973 embargo was put in place--- is increasingly at odds with reality. Energy
A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety.
But eventually it's a question of access: Getting access to fields is on top of the oil companies' agenda. We see a substantial build-up of supply occurring over the coming years.
But that's not enough: To maintain energy security, one needs a supply system that provides a buffer against shocks. It needs large, flexible markets. And it's important to acknowledge the fact that the entire energy supply chain needs to be protected.
But the key thing is that Iraq, while it's got very large oil reserves, has marginalized itself as an oil exporter and these days its exports are only about one tenth that of neighboring Saudi Arabia.
Clearly, the Chinese need the resources, but I don't think they want to clash with the industrial world which happens to be the market for their goods.
Cycles of shortage and surplus characterize the entire history of oil. History
Even Silicon Valley investors have put well over a $1 billion in new energy technologies.
First, we have to find a common vocabulary for energy security. This notion has a radically different meaning for different people. For Americans it is a geopolitical question. For the Europeans right now it is very much focused on the dependence on imported natural gas.
I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.
If a war started, the oil price probably would go up, as you said, maybe $5, $6 a barrel until you saw other oil from the extra supplies that are available elsewhere coming into the world, into the market. War & Peace
In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient. Money, Coins & Minting
It's extraordinary how inventive one can be with ethanol right now.
People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters. Science, Mathematics, Engineering & Technology
So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology. Politics, Politicians & Political Campaigning & Fund Raising ;Science, Mathematics, Engineering & Technology
The bulk of extra supplies that could be put into the market come from two places. One, they come from other Persian Gulf suppliers, of which Saudi Arabia is at the top of the list.
The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line.
The other are the strategic, so-called strategic stocks that the United States and the other Western industrial countries have, which could put in as much as four million barrels a day of oil into the market pretty quickly.
The Russians are turning east to the Chinese - to the Europeans' surprise. It always seemed to me that the relationship between Russia and China would shift from being based in Marx and Lenin to being based in oil and gas.
The starting point for energy security today as it has always been is diversification of supplies and sources.
This has a lot to do with the unrest in Nigeria, but also with the production loss after the hurricanes in the Gulf of Mexico, the decline in Iraq since the 2003 war, and the decline in Venezuelan output since 2002. War & Peace
We are living in a different world now. You can see it everywhere in international relations: It was noteworthy that, after his visit to Washington, the Chinese president's next stop was Saudi Arabia.
We are living in a new age of energy supply anxiety.
We experienced similar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s. War & Peace