In a SPIEGEL interview, United States oil expert Daniel Yergin discusses fears of a global energy crisis, the growing confidence of oil-rich nations and changes in world politics caused by rising energy prices. Spiegel: Mr. Yergin, Europe is dependent on Russian gas, Venezuela and Bolivia nationalize their oil industries, Iran threatens to use oil as a weapon. How secure is the world’s energy supply? Daniel Yergin: We are living in a new age of energy supply anxiety. A premium in the oil price of somewhere between 10 to 15 dollars a barrel reflects this heightened anxiety. What we see is the rebirth of 1970s-style resource nationalism that is riding on this crest of high energy prices. The balance of power has changed, the exporting countries are in a much stronger position today. Spiegel: Would Venezuelan President Hugo Chavez or Russian President Vladimir Putin act so self-confidently if a barrel still cost only 20 dollars? Yergin: Probably not; their position has changed dramatically. Just a little more than half a decade ago the oil businesss was the oldest of the old economies, all governments were tending to privatize their state oil companies and tried desperately to draw […]
Wednesday, July 19th, 2006
Energy Security Will Be one of the Main Challenges of Foreign Policy’
Author: ALEXANDER JUNG and GEORG MASCOLO
Source: Der SPIEGEL (Germany)
Publication Date: 18-Jul-06
Link: Energy Security Will Be one of the Main Challenges of Foreign Policy’
Source: Der SPIEGEL (Germany)
Publication Date: 18-Jul-06
Link: Energy Security Will Be one of the Main Challenges of Foreign Policy’
Stephan: Daniel Yergin, 59, has been known as the 'Energy Pope' since the 1991 publication of his book 'The Prize: The Epic Quest for Oil, Money, and Power,' which won him a Pulitzer Prize. The author and businessman is chairman and co- founder of an international energy consultancy.