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
deal ease good higher market next oil prices six spike
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.
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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).
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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.
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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.
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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.
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The world oil market is in the grip of a slow motion supply shock.
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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.
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There are ample supplies beneath the surface of the planet to have significant growth in oil supply for quite a number of years. The technology is there, the resources are there. But the real question is what happens above ground.
technology impact giving
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.
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The starting point for energy security today as it has always been is diversification of supplies and sources.
oil world resources
The world has produced about 1 trillion barrels of oil since the start of the industry in the nineteenth century. Currently, it is thought that there are at least 5 trillion barrels of petroleum resources, of which 1.4 trillion is sufficiently developed and technically and economically accessible.
electric-power impact focus
In the mid-1980s, operating problems took [nuclear] plants off-line so often that, on an annual basis, they operated at only about 55 percent of their rated total generating capacity. Today, as a result of several decades of experience and an intense focus on performance ... nuclear plants in the United States operate at over 90 percent of capacity. That improvement in operating efficiently is so significant in its impact that it can almost be seen as a new source in electric power itself.
discovery oil development
According to one study by the United States Geological survey, 86 percent of oil reserves in the United States are the result not of what is estimated at the time of discovery but of the revisions and additions that come with further development.
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We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s.