Latest news with #DanielYergin
National Geographic
10 hours ago
- Business
- National Geographic
How Has Fracking Changed Our Future?
"The United States is in the midst of the 'unconventional revolution in oil and gas' that, it becomes increasingly apparent, goes beyond energy itself. Today, the industry supports 1.7m jobs - a considerable accomplishment given the relative newness of the technology. That number could rise to 3 million by 2020. In 2012, this revolution added $62 billion to federal and state government revenues, a number that we project could rise to about $113 billion by 2020.2 It is helping to stimulate a manufacturing renaissance in the United States, improving the competitive position of the United States in the global economy, and beginning to affect global geopolitics." —Daniel Yergin, vice chair of global consulting firm IHS, in February testimony before Congress "Natural gas is not a permanent solution to ending our addiction imported oil. It is a bridge fuel to slash our oil dependence while buying us time to develop new technologies that will ultimately replace fossil transportation fuels. Natural gas is the critical puzzle piece RIGHT NOW. It will help us to keep more of the $350 to $450 billion we spend on imported oil every year at home, where it can power our economy and pay for our investments in a smart grid, wind and solar energy, and increased energy efficiency. By investing in alternative energies while utilizing natural gas for transportation and energy generation, America can decrease its dependence on OPEC oil, develop the cutting-edge know-how to make wind and solar technology viable, and keep more money at home to pay for the whole thing." —Pickens Plan, a site outlining BP Capital founder T. Boone Pickens' proposed energy strategy "My town was dying. This is a full-scale mining operation, and I'm all for it. Now we can get back to work." —Brent Sanford, mayor of Watford City, a town at the center of the North Dakota oil boom, in "The New Oil Landscape" (NGM March 2013 issue) Negative impacts of fracking "According to a number of studies and publications GAO reviewed, shale oil and gas development poses risks to air quality, generally as the result of (1) engine exhaust from increased truck traffic, (2) emissions from diesel-powered pumps used to power equipment, (3) gas that is flared (burned) or vented (released directly into the atmosphere) for operational reasons, and (4) unintentional emissions of pollutants from faulty equipment or impoundment-temporary storage areas. Similarly, a number of studies and publications GAO reviewed indicate that shale oil and gas development poses risks to water quality from contamination of surface water and groundwater as a result of erosion from ground disturbances, spills and releases of chemicals and other fluids, or underground migration of gases and chemicals."—General Accounting Office report on shale development, September 2012 "The gas 'revolution' has important implications for the direction and intensity of national efforts to develop and deploy low-emission technologies, like [carbon capture and storage] for coal and gas. With nothing more than regulatory policies of the type and stringency simulated here there is no market for these technologies, and the shale gas reduces interest even further. Under more stringent GHG targets these technologies are needed, but the shale gas delays their market role by up to two decades. Thus in the shale boom there is the risk of stunting these programs altogether. While taking advantage of this gift in the short run, treating gas a 'bridge' to a low-carbon future, it is crucial not to allow the greater ease of the near-term task to erode efforts to prepare a landing at the other end of the bridge."—from a study on shale gas and U.S. energy policy by researchers at MIT (also see: "Shale Gas: A Boon That Could Stunt Alternatives, Study Says")
The Sun
3 days ago
- Business
- The Sun
No energy disruption yet, but industry to closely track prices - S&P Global
KUALA LUMPUR:There is no global energy disruption so far, but industries will continue to closely monitor price developments, said S&P Global vice-chairman Daniel Yergin. He said that while there is currently a surplus of oil, industries must remain vigilant and ensure that energy security measures are firmly in place to address any potential disruptions. 'We will just have to see what happens over the next three to five days. I think we don't know (the disruption issues expectation), as these decisions are beyond just being made by a few people. 'It is really the decisions between Jerusalem, Tehran, and Washington, and people have to make some very important decisions,' he told reporters after the Energy Asia 2025 closing ceremony here today. He was responding to a question on the risk of supply disruption in the Middle East. The conflicts in the Middle East have escalated dramatically following a series of attacks by two major oil-exporting countries, Israel and Iran, on each other's energy infrastructure. The attacks have led to a potential closure of the Strait of Hormuz, a critical gateway to the world's oil industry. At the time of writing, Brent crude oil prices decreased 0.38 per cent to US$76.16 per barrel.
The Sun
3 days ago
- Business
- The Sun
No energy disruption yet, but industry to closely track prices
KUALA LUMPUR:There is no global energy disruption so far, but industries will continue to closely monitor price developments, said S&P Global vice-chairman Daniel Yergin. He said that while there is currently a surplus of oil, industries must remain vigilant and ensure that energy security measures are firmly in place to address any potential disruptions. 'We will just have to see what happens over the next three to five days. I think we don't know (the disruption issues expectation), as these decisions are beyond just being made by a few people. 'It is really the decisions between Jerusalem, Tehran, and Washington, and people have to make some very important decisions,' he told reporters after the Energy Asia 2025 closing ceremony here today. He was responding to a question on the risk of supply disruption in the Middle East. The conflicts in the Middle East have escalated dramatically following a series of attacks by two major oil-exporting countries, Israel and Iran, on each other's energy infrastructure. The attacks have led to a potential closure of the Strait of Hormuz, a critical gateway to the world's oil industry. At the time of writing, Brent crude oil prices decreased 0.38 per cent to US$76.16 per barrel.
Al Arabiya
3 days ago
- Business
- Al Arabiya
Israel-Iran developments in next 3-5 days critical for global energy markets, Yergin says
Developments in the Iran-Israel conflict in the next three to five days will be critical to global energy markets even though oil and gas supplies from the Gulf have not yet been disrupted, oil historian Daniel Yergin said on Wednesday. Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day despite a call for Tehran's 'unconditional surrender' from US President Donald Trump after he left a Group of Seven summit early over the crisis. 'We now appear to be at the climax of a 46-year battle,' said Yergin, the Pulitzer Prize-winning author of 'The Prize' and vice chairman of S&P Global, in an interview on the sidelines of the Energy Asia conference, referring to the Iran hostage crisis, which started in 1979. 'The Trump administration is doing some very clear signaling. The president leaving the G7 meeting early is a very big message. This is an unprecedented situation,' he said. Oil prices surged on Friday after Israel attacked Iran and have remained volatile although there has been no disruption to energy supplies from the Gulf. Yergin noted US President Donald Trump's recent comments signaling possible talks. 'At this point, the question is - who would negotiate on the Iran side? It looks like the channels of communication and decision making in Iran themselves would have been disrupted,' Yergin said. 'The bunker buster bombs weigh heavily on the negotiating table.' Iran has threatened to block the Strait of Hormuz, a critical waterway between the Gulf and the Gulf of Oman for about a fifth of the world's total oil consumption. 'If the Hormuz was blocked, it would, of course, immediately register in oil prices,' Yergin said. 'But I think it should not be underestimated that the US Navy has had about 40 years to prepare for what to do so it's not like it would remain blocked, and there would be a high price for those who blocked it.'
Zawya
3 days ago
- Business
- Zawya
Israel-Iran developments in next 3-5 days critical for global energy markets, Yergin says
KUALA LUMPUR: Developments in the Iran-Israel conflict in the next three to five days will be critical to global energy markets even though oil and gas supplies from the Gulf have not yet been disrupted, oil historian Daniel Yergin said on Wednesday. Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day despite a call for Tehran's "unconditional surrender" from U.S. President Donald Trump after he left a Group of Seven summit early over the crisis. "We now appear to be at the climax of a 46-year battle," said Yergin, the Pulitzer Prize-winning author of "The Prize" and vice chairman of S&P Global, in an interview on the sidelines of the Energy Asia conference, referring to the Iran hostage crisis, which started in 1979. "The Trump administration is doing some very clear signalling. The president leaving the G7 meeting early is a very big message. This is an unprecedented situation," he said. Oil prices surged on Friday after Israel attacked Iran and have remained volatile although there has been no disruption to energy supplies from the Gulf. Yergin noted U.S. President Donald Trump's recent comments signalling possible talks. "At this point, the question is - who would negotiate on the Iran side? It looks like the channels of communication and decision making in Iran themselves would have been disrupted," Yergin said. "The bunker buster bombs weigh heavily on the negotiating table." Iran has threatened to block the Strait of Hormuz, a critical waterway between the Gulf and the Gulf of Oman for about a fifth of the world's total oil consumption. "If the Hormuz was blocked, it would, of course, immediately register in oil prices," Yergin said. "But I think it should not be underestimated that the U.S. Navy has had about 40 years to prepare for what to do so it's not like it would remain blocked, and there would be a high price for those who blocked it." (Reporting by Florence Tan; Editing by Kate Mayberry)
