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Page added on January 23, 2015

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Yergin: Peak Oil Is Followed by Glut

IHS Vice Chairman Daniel Yergin speaks with Bloomberg’s Tom Keen about oil prices. They speak at the World Economic Forum in Davos, Switzerland on “Bloomberg Surveillance.”

How many victory laps?

Do you feel like yes, i got it right?

It is hard.

Here, i remember people say you do not believe in peak oil.

Not really.

We have seen peak oil.

It has been followed by a glut.

New areas open up and new technology.

U.s. oil production is up 80%. for our viewers in the middle east, in 1986, the price came down and went flat.

Do you predict that again?

There are analogies there.

9 Comments on "Yergin: Peak Oil Is Followed by Glut"

  1. Davy on Fri, 23rd Jan 2015 6:41 pm 

    Someone else watch this and comment. The guy make me I’ll. He is an example of all that is wrong with the system and why at the top there is little hope for a plan B.

  2. redpill on Fri, 23rd Jan 2015 7:51 pm 

    Can’t do it Davy, it would be like watching Jim Inhofe explaining how arrogant it is to think man can affect the climate.

    For more entertaining viewing, if not somewhat frightening, check out the piece Frontline recently put out on Putin:

    Yeah, yeah, I know it’s just more Western propaganda, but damn, the dots that get connected!

  3. Plantagenet on Fri, 23rd Jan 2015 8:17 pm 

    Yergin is right—we’re in an oil glut right now.

    But Yergin is wrong to say “peak oil has been followed by a glut” We haven’t hit peak oil yet —just peak conventional oil.

    When we actually hit peak oil Yergin won’t be smiling. No one will be smiling. Its not going to be fun at all.

  4. GregT on Fri, 23rd Jan 2015 8:29 pm 

    For something really entertaining how about this:

    PowerPoint given by Russian opposition leader blueprints US-backed violent overthrow of Russian government.

    “A discussion with leading Russian opposition figure and State Duma Deputy Ilya Ponomarev on the situation in Russia and Eastern Europe, Russia’s “pro-democracy opposition”, and the development of U.S.-Russia relations. Ilya Ponomarev is a Social Democrat and a member of the State Duma representing the city of Novosibirsk. He was the only member of the Duma (out of 450) to vote against the Russian annexation of Crimea in February 2014.”

  5. Rodster on Fri, 23rd Jan 2015 10:15 pm 

    “North Dakota pipeline leaks crude oil, 3mn gallons of fracking byproduct”

  6. dave thompson on Sat, 24th Jan 2015 12:25 am 

    According to this video all is well, peak oil does not exist and we have dilithium crystals for our starships.

  7. GregT on Sat, 24th Jan 2015 12:38 am 

    You forgot the best part of all Dave:

    The recent 55% collapse in oil prices is because we are in an ‘oil glut’.

  8. dolanbaker on Sat, 24th Jan 2015 4:52 am 

    “The recent 55% collapse in oil prices is because we are in an ‘oil glut’.”
    We probably are, but only because the economy peaked first!

  9. DMyers on Sat, 24th Jan 2015 2:17 pm 

    Leaked Off Camera Pre Interview Comments

    Bloomberg’s Tom Keen = BTK
    Daniel Yergin = Y

    BTK: “Danny, I feel like I ought to put you in a college cheerleader’s outfit.”

    Y: “Rah rah sis boom bah!”

    BTK: “You have taken the peak oilers down a notch or two. I hate peak oilers.”

    Y: “I’ve crushed the peak oilers.”

    BTK: “Ahh, yes, so it is. More than once. Good point. I’ll make a note to use that term in the interview.”

    I don’t know about the authenticity of this leaked information, but the interviewer does open with a reference to Yergin’s taking victory laps after crushing peak oilers.

    Having braved the multimedia experience of this interview, I can report that Yergin seems to be slightly off his rocker in making certain statements we have not heard from anyone before. In response to a question about whether oil price will stay low for a time, as it has on occasions in the past, he says this time will be different because the US will “be flexible” in its oil production. This somehow will resolve the problem he mentions himself, that the “prices we have now would not sustain production over any period of time…”

    The interviewer immediately changed the subject upon that uncharacteristically bleak utterance from Yergin. I wish he had asked the question, “What exactly do you mean by ‘flexibility’ here?”

    Maybe our “flexibility” will allow us to cut oil production with military precision, so we only destroy the enemy of low prices, while leaving the entire rest of the system intact and functional. That is exactly what OPEC has been afraid to try, yet we will do it. Flexibility, as I normally understand the word, does not fit well in this context.

    I do have to give him credit for shifting the burden of price lifting cuts from Saudi Arabia to the US. Nice job on that front, Yergin.

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