Cycles of shortage and surplus characterize the entire history of oil. Daniel Yergin characterizecycleentire Change image and share on social
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. Daniel Yergin acknowledgebufferchain share on social
A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety. Daniel Yergin anxietybarreldollar Change image and share on social
So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology. Daniel Yergin affairdevelopmentgeology Change image and share on social
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. Daniel Yergin americancommondependence share on social
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. Daniel Yergin arabiadayexport Change image and share on social
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. Daniel Yergin barrelcallcountry share on social
We are living in a new age of energy supply anxiety. Daniel Yergin ageanxietyenergy Change image and share on social
Even Silicon Valley investors have put well over a $1 billion in new energy technologies. Daniel Yergin billionenergyinvestor Change image and share on social
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. Daniel Yergin arabiabulkextra Change image and share on social
