The New-Style Energy Crisis
The surge in global demand for energy and other commodities has confronted policymakers and consumers with difficult new economic, political, and strategic realities. Although specific energy-market developments are difficult to predict with any precision, some broader developments are already baked into the cake.
With Russia’s war in Ukraine disrupting commodities markets and further complicating broader geopolitical developments that have been taking shape in recent years, no one is better positioned than Daniel Yergin to offer a sense of the new energy landscape. It is one he has scoped out in his aptly titled new book, The New Map: Energy, Climate, and the Clash of Nations. Also the author of the Pulitzer Prize-winning 1991 book, The Prize: The Epic Quest for Oil, Money, and Power, he is one of the world’s leading authorities on the politics and economics of energy. He recently spoke with Project Syndicate about energy-market developments following the pandemic and Russia’s invasion of Ukraine.