Daniel Yergin
Daniel Yergin
Daniel Howard Yerginis a Pulitzer Prize-winning American author, speaker, and economic researcher. Yergin is the co-founder and chairman of the Cambridge Energy Research Associates, an energy research consultancy that is now part of IHS Inc. He is best known as author of The Prize: The Epic Quest for Oil, Money, and Power and The Quest: Energy, Security, and the Remaking of the Modern World. He received his PhD from Cambridge University as a Marshall Scholar...
NationalityAmerican
ProfessionAuthor
Date of Birth6 February 1947
CountryUnited States of America
The world oil market is in the grip of a slow-motion supply shock, in which a $70 to $75 barrel price reflects an aggregate disruption of over 2 million barrels a day.
The world oil market is in the grip of a slow motion supply shock.
If they don't ease more oil into the market over the next six weeks, we could see prices spike a good deal higher than they are now.
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.
We have high crude prices. We have low inventories. We have strong demand. All of that would be a recipe for a taut market even with refineries (running at full capacity).
Fourteen months ago, oil seemed to be in a bull market ? then Asia collapsed, ... This is basically a gross domestic product crisis driven by Asia, so the real prospects are whether you think Asia by the year 2000 will start showing signs of recovery.
All the tensions and stress in the world's oil markets are flowing into the gasoline pump. The crude oil market is very tight, and a market that's this tight is vulnerable to politics, to hurricanes, to strikes and to emotions, and that's what we're seeing.
Ethanol is mandating additional diversity to the pool of motor fuels. The definition of oil is being widened.
Even Silicon Valley investors have put well over a $1 billion in new energy technologies.
Within four or five years the US might be getting 10 percent of its gasoline from ethanol - that would be like creating a new Indonesia.
This is not the first time that the world has 'run out of oil. It's more like the fifth. Cycles of shortage and surplus characterize the entire history of the oil industry.
This is the fifth time that we're supposedly running out of oil,
This further underlines the need for greater diversity of supply and more storage capacity for natural gas.
This further underlies the need for greater diversity of supply and more storage capacity for natural gas. Gas-importing countries will recognize the need to build in buffers.