Daniel Yergin Interview on the Politics of Oil
Daniel Yergin has written some of the most influential books on energy, while advising companies and governments on policy and markets. He is now vice chairman at IHS Markit. His latest book, The New Map: Energy, Climate, and the Clash of Nations, looks at how the politics of oil have changed in the past two decades, with the boom in U.S. shale and the rise of China. Yergin, 74, recently sat down with Barron’s to discuss the new dynamics of energy markets. Edited excerpts follow.
Barron’s: You’ve written about the oil age, which has lasted for over 150 years. Is it over now?
Daniel Yergin: I’ve been thinking about it going back to my fourth book, The Prize. The assumption was that demand would always just grow, or when it peaked, it would be so far into the future it wasn’t worth thinking about. And that oil had a permanent monopoly on transportation. None of that is true…