Daniel Yergin

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Daniel Yergin
Daniel Yergin - World Economic Forum Annual Meeting 2012.jpg
At the World Economic Forum in 2012
Born (1947-02-06) February 6, 1947 (age 71)
Los Angeles, California, United States
Residence Washington, DC
Nationality American
Alma mater Yale University
Trinity College, Cambridge
Occupation Author, historian, educator, energy analyst
Awards Pulitzer Prize
Website www.danielyergin.com

Daniel Howard Yergin (born February 6, 1947) is an American author, speaker, energy expert, and economic historian. Yergin is vice chairman of IHS Markit,[1] a research and information company which absorbed his own energy research consultancy Cambridge Energy Research Associates in 2004.[2] He has authored or co-authored several books on energy and world economics, including the Pulitzer Prize-winning The Prize: The Epic Quest for Oil, Money, and Power (1991)[3] and The Quest: Energy, Security, and the Remaking of the Modern World (2011).[4] Yergin's articles and op-eds on energy, history, and the economy have been published in publications such as the Wall Street Journal,[5][6] The New York Times,[7] The Washington Post,[8] and The Financial Times.[9] All of Yergin's books have been drafted in long-hand.[10] Currently a director on entities such as the Council on Foreign Relations[11] and the United States Energy Association,[12] he is also a trustee of the Brookings Institution[11][13] and a long-term advisor to several U.S. administrations.[14][15] He is also chairman of the annual CERAWeek energy conference.[16]

Early life and education[edit]

Daniel Howard Yergin was born on February 6, 1947[17] in Los Angeles, California.[18] His father Irving Yergin worked at Warner Brothers and was editor of The Hollywood Reporter and a former journalist in Chicago, while his mother Naomi Yergin was a sculptor and painter.[19] Yergin attended Beverly Hills High School,[19][18] he received his BA from Yale University[20][11] in 1968,[21][17] where he wrote for the Yale Daily News and was founder of The New Journal[3] in 1967.[21] He received his M.A. in 1970[17] and his PhD in international history from Cambridge University, where he was a Marshall Scholar.[21][20][13] While at Cambridge he wrote for various British magazines as well as The Atlantic,[3] where he was a contributing editor,[22] and New York Times Magazine.[3] He has honorary doctorates from Dartmouth College,[23] Colorado School of Mines,[24] University of Houston, and the University of Missouri.[25]

Career[edit]

1970s[edit]

Early in his career, Yergin worked as a contributing editor for New York Magazine.[19] Through 1980 he was a lecturer at the Harvard Business School and, until 1985, a lecturer at Harvard's Kennedy School of Government.[26][3] Yergin's first book, Shattered Peace: The Origins of the Cold War and the National Security State (1977),[17] was partly based upon his PhD dissertation and focused on the origins of the Cold War.[3] It was named "best book of the year" by the National Historical Society.[citation needed]

In the mid-1970s,[27] while a post-doctoral fellow,[28] he began to take a particular interest in energy in his writing.[21] Basing the book on four years of research, with Robert B. Stobaugh he co-authored and co-edited Energy Future: The Report of the Energy Project at the Harvard Business School in 1979.[27] According to the Los Angeles Times, the book “caused a considerable stir with its optimistic view of the possibilities of energy conservation and such alternative sources as solar power."[19] It proved to be a New York Times bestseller,[27] ultimately selling 300,000 copies in six languages.[3] Within its first year of release, Yergin and Stobaugh were called to Washington D.C. several times to testify before Congressional committees.[27] He also advised James Schlesinger, the first US energy secretary, around the time of the Iranian revolution. According to Reuters, ”since then he has given advice to every administration.”[2]

1980s-1990s[edit]

He founded Cambridge Energy Research Associates with Jamey Rosenfield (CERA) in 1982[10][2] with the purchase of a $2 file cabinet from The Salvation Army.[19][26][3] With Yergin as president,[3][29] the energy research and consulting firm was created as a "quasi think-tank and source of energy industry analysis.”[19]

Yergin is arguably best known for his fourth book,[10] The Prize: The Epic Quest for Oil, Money, and Power (1991).[3] It became a number-one bestseller that won the Pulitzer Prize for General Non-Fiction in 1992 and the Eccles Prize for the best book on economics for a general audience,[29] selling around 700,000 copies[3] in 17 languages.[30] The book was adapted into a PBS/BBC series[11] seen by around 100 million viewers both domestically and internationally,[3][19] with Yergin as the principal storyteller.[31] His next book was Russia 2010 and What It Means for the World (1993), written with Thane Gustafson, which provided scenarios for the development of Russia after the collapse of the Soviet Union.[32]

2000s-2010s[edit]

His 2002 book The Commanding Heights: The Battle for the World Economy,[11] written with Joseph Stanislaw, described in narrative form the struggle over the "frontier" between governments and markets and the rise of globalization.[3] In the "first major PBS series on business in more than a decade,”[19] he led the team that created a prize-winning six-hour[12] PBS/BBC television series based on the book,[11] serving as executive producer and co-writer[33] and interviewing individuals such as Bill Clinton, Dick Cheney, Vicente Fox, and Mikhail Gorbachev.[34]

External video
Booknotes interview with Yergin on The Prize, C-SPAN

CERA was acquired by the information company IHS Inc. in 2004,[20][2][11] with Yergin becoming an executive of the combined company and remaining chairman of CERA.[35] Described as a sequel to his book The Prize, Yergin's The Quest: Energy, Security, and the Remaking of the Modern World (2011) continued his history of the global oil industry but also addressed energy security, natural gas, electric power, climate change and the search for renewable sources of energy.[4] Like his previous books, it was drafted in long-hand;[10] in 2011 it was shortlisted for the Financial Times and McKinsey Business Book of the Year Award.[36]

In July 2012, he became vice chairman of IHS.[1] IHS then merged in 2016 with Markit to become IHS Markit,[37] with Yergin remaining IHS vice chairman.[20] As of 2017, he remains chairman of IHS Markit’s annual CERAWeek energy conference.[16]

Viewpoints and research[edit]

Yergin at the 2014 International Seapower Symposium

Yergin's articles[38] and op-eds on energy, history, and the economy have been published in a variety of publications, including the Wall Street Journal,[6][5] The New York Times,[7] Foreign Affairs,[32] Washington Post,[8] the Financial Times,[39][9] and Forbes.[40] He has also been interviewed about energy policy and international politics on various television programs;[41] in 2003[42] he became CNBC’s global energy expert,[43][12] and in September 2011 he appeared on The Colbert Report to discuss wind and solar power.[44]

Peak oil criticisms[edit]

Yergin criticized predictions of imminent peak oil, noting in 2011 that the early 21st century is the fifth period of widespread predictions that world oil production was about to fall, the four previous times when experts commonly predicted that oil production would soon decrease were: first in the 1880s, then after each of the World Wars, and again in the 1970s. He wrote that Hubbert peak theory ignores the effects of economics and technological advances. Instead of a peak, Yergin predicts future oil production will be more of a plateau, as increasing prices moderate demand and stimulate production.[45][46][47][39] He also addressed peak oil in a chapter in The Quest entitled “Is the World Running Out of Oil?”[48]

Yergin's skepticism toward peak oil has in turn been criticized by the theory's defenders,[49][50] for example, Jean Laherrère contended in 2011 that Yergin's predictions on energy production and prices omitted key facts, leading Yergin to draw incorrect conclusions.[51] Another industry observer criticized Yergin's statement in September 2007 that the price of crude oil was then higher than justified by fundamentals,[49] at the time of Yergin's statement, the price of West Texas Intermediate oil was US$79 per barrel. The price peaked nine months later at US$145 per barrel before dropping dramatically to US$30 in the 2008 financial crisis[52] before rising again, and then collapsing again due to oversupply in 2014.[6]

Most recently, Yergin chaired IHS Markit’s study on “Reinventing the Wheel,” which focused on changing transportation methods, the role of electric vehicles, and the timing of peak oil demand.[53]

Memberships and directorships[edit]

Yergin remains vice chairman of IHS Markit.[20][13][14] He previously chaired the US Department of Energy's Task Force on Strategic Energy Research and Development,[12] he is a trustee of the Brookings Institution,[11][13] where he chairs the energy security roundtable.[54] He is currently a director on the Council on Foreign Relations,[11] United States Energy Association, the U.S.-Russia Business Council, and director emeritus[12] of the New America Foundation.[11]

He serves on the National Petroleum Council, which advises the U.S. Secretary of Energy.[11][12] He is on the advisory boards of the Massachusetts Institute of Technology Energy Initiative,[11] the Columbia University Center on Global Energy Policy, and Singapore's International Energy Advisory Panel.[13] Yergin was a member of the Secretary of Energy Advisory Board under Presidents Bill Clinton, George W. Bush, and Barack Obama.[55] In December 2016 Yergin joined a business forum composed primarily of CEOs assembled to provide strategic and policy advice on economic issues to President Donald Trump,[15] the forum was disbanded in August 2017.[56]

Awards[edit]

Yergin was awarded the 1997[57] United States Energy Award for "lifelong achievements in energy and the promotion of international understanding.”[13] In 2014 the Prime Minister of India presented Yergin[13][2] with a Lifetime Achievement Award,[20][11] and in 2015 the University of Pennsylvania presented him with the first Carnot Prize for “distinguished contributions to energy policy.”[11] The U.S. Department of Energy awarded him the first James Schlesinger Medal for Energy Security in 2014.[2]

Publishing history[edit]

Books as author[edit]

Books as co-author[edit]

See also[edit]

References[edit]

  1. ^ a b IHS Names Daniel Yergin Vice Chairman, NEMA press release, July 12, 2012 
  2. ^ a b c d e f "U.S. grants first medal on energy to oil historian Yergin". Reuters. 2017-10-01. Retrieved 2017-05-11. 
  3. ^ a b c d e f g h i j k l m Ringle, Ken (April 9, 1998). "Daniel Yergin, Turning a Prophet; How a Historian Became a Market Guru And Hit the Jackpot". The Washington Post. Retrieved March 4, 2012. 
  4. ^ a b Cohen, Joel E. (April 26, 2012). "What Will It Take to Save the Earth?". The New York Review of Books. 
  5. ^ a b Crisis in the Pipeline, Daniel Yergin, The Wall Street Journal, August 10, 2006
  6. ^ a b c Yergin, Daniel (May 16, 2017). "The Struggle Behind Oil's Ups and Downs". The Wall Street Journal. New York City, New York, United States. Retrieved December 21, 2017. 
  7. ^ a b Visions of an Age When Oil Isn’t King The New York Times, September 20, 2011
  8. ^ a b Yergin, Daniel (October 28, 2011). "Oil's new world order". Washington Post. Washington, D.C., United States. Retrieved December 23, 2017. 
  9. ^ a b Yergin, Daniel (January 26, 2016). "Oil prices are at the mercy of geopolitics". Financial Times. London, United Kingdom. Retrieved December 23, 2017. 
  10. ^ a b c d Khan, Chris (October 27, 2011). "Yergin: Only politics can threaten energy supplies". The Associated Press. Retrieved March 4, 2012. 
  11. ^ a b c d e f g h i j k l m n "Penn's Kleinman Center for Energy Policy Awards the Inaugural Carnot Prize to IHS Vice Chairman Daniel Yergin". news.upenn.edu. Retrieved 2017-05-11. 
  12. ^ a b c d e f Board Member Emeritus, New America; Vice Chairman, IHS, New America, retrieved December 23, 2017 
  13. ^ a b c d e f g Daniel H. Yergin, Council on Foreign Relations, retrieved December 22, 2017 
  14. ^ a b Osborne, James (March 4, 2017). "CERAWeek: 'Forces of change' expected to dominate conversation". Houston Chronicle. Houston, Texas, United States. Retrieved December 23, 2017. 
  15. ^ a b Bryan, Bob (2 Dec 2016). "Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more". Business Insider. Retrieved 1 June 2017. 
  16. ^ a b Yedlin, Deborah (March 6, 2017). "Yedlin: CERAWeek conference opens with renewed optimism". Calgary Herald. Calgary, Alberta, Canada. Retrieved December 23, 2017. 
  17. ^ a b c d "A look at historian and author Daniel Yergin". Associated Press. October 26, 2011. Retrieved December 22, 2017. 
  18. ^ a b Redburn, Tom. "'Energy Future' Goes Beyond Ivory Tower", Los Angeles Times, August 19, 1979. Retrieved December 15, 2007. "Fifteen years ago, Daniel Yergin left Beverly Hills High School to attend Yale University and, except for summer jobs and brief visits, he hasn't been back here since."
  19. ^ a b c d e f g h Parrish, Michael (January 9, 1993). "He Knows Oil : Daniel Yergin Built a Company and Penned a Best-Selling History". Los Angeles Times. Los Angeles, California, United States. Retrieved December 22, 2017. 
  20. ^ a b c d e f "IHS Executives". IHS Inc. Retrieved March 4, 2012. 
  21. ^ a b c d "A Conversation with Daniel Yergin". The New Journal. April 22, 2013. Retrieved December 23, 2017. 
  22. ^ Clendinen, Dudley (October 22, 1982). "In Boston, Days of Literary Renewal". The New York Times. New York City, new York, United States. Retrieved December 23, 2017. 
  23. ^ "Daniel Yergin to receive honorary doctorate from Dartmouth College". Oil and Gas Financial Journal. April 15, 2016. Retrieved December 22, 2017. 
  24. ^ "Commencement 2008". Colorado School of Mines. Colorado, United States. Retrieved December 22, 2017. 
  25. ^ Daniel Yergin, CNBC, retrieved December 22, 2017 
  26. ^ a b "Dan Yergin at IHS Investor Day - Slide 88 at 01:30:15". investor.ihs.com. Retrieved 2016-06-23. 
  27. ^ a b c d Klemesrud, Judy (November 18, 1979). "Energy Future" (PDF). The New York Times. Retrieved March 4, 2012. 
  28. ^ Shapiro, Tamar A. (April 11, 1992). "Yergin Receives Pulitzer Prize". The Crimson. Retrieved December 23, 2017. 
  29. ^ a b "1992 Pulitzer Prize Winners and Their Works in Journalism and the Arts". The New York Times. April 8, 1992. Retrieved March 4, 2012. 
  30. ^ Yergin, Daniel (December 23, 2008), The Prize: The Epic Quest for Oil, Money & Power - Description, Free Press, retrieved December 23, 2017 
  31. ^ The Prize on PBS - credits and cast listing on IMDB
  32. ^ a b Yergin, Daniel; Gustafson, Thane (April 1994). "Russia 2010 and What It Means for the World". Foreign Affairs. Retrieved December 22, 2017. 
  33. ^ Credits - Commanding Heights, United States: PBS, retrieved December 23, 2017 
  34. ^ "Commanding Heights: The Battle for the World Economy". Wired. 2002. Retrieved December 22, 2017. 
  35. ^ Morrison, Kevin (September 3, 2004). "ERA sold to IHS Energy". The Financial Times. London, United Kingdom. Retrieved December 23, 2017. 
  36. ^ "2011 shortlist". Financial Times. London, United Kingdom. 14 September 2011. Retrieved 30 May 2012. 
  37. ^ "IHS Markit Rings Opening Bell at Nasdaq, Unveils New Logo". IHS Markit. July 13, 2016. Retrieved December 22, 2017. 
  38. ^ A Price Tag to Growth, LiveMint, February 23, 2007
  39. ^ a b Yergin, Daniel. "The Perils, Prizes and Pitfalls of a Post-Gaddafi Era of Oil". Financial Times. Retrieved May 29, 2012. 
  40. ^ Yergin, Daniel (September 3, 2009). "The Pennsylvania Start-up That Changed The World". Forbes. Retrieved December 23, 2017. 
  41. ^ Belvedere, Matthew J. (June 15, 2017). "Putin is motivated to stick with OPEC's output cuts purely by self-interest, oil analyst Yergin says". CNBC. Retrieved December 23, 2017. 
  42. ^ Pearson, Hampton (August 19, 2003). "Washington focuses on energy bill". CNBC TV. Retrieved December 23, 2017. 
  43. ^ Daniel Yergin, Library of Congress and National Book Festival, retrieved December 23, 2017 
  44. ^ September 21, 2011 - Daniel Yergin, The Colbert Report, September 21, 2011, retrieved December 23, 2017 
  45. ^ Yergin, Daniel. "There will be oil", Wall Street Journal, September 17, 2011.
  46. ^ "Daniel Yergin on Fox Business". Fox Business News. Archived from the original on May 23, 2013. 
  47. ^ Gross, Daniel. "U.S. incentives for renewable energy raise questions". The New York Times. Retrieved May 29, 2012. 
  48. ^ ’’The Quest: Energy, Security, and the Remaking of the Modern World’’ New York: Simon & Schuster, 1991. ISBN 0-671-50248-4. Reprint: Simon & Schuster, 1992, ISBN 0-671-79932-0.
  49. ^ a b "Holding Daniel Yergin and CERA Accountable". The Oil Drum. Colorado, United States. Retrieved December 21, 2017. 
  50. ^ Tverberg, Gail (September 29, 2011). "Is Yergin Correct about Oil Supply? (an Opinion the WSJ did not run)". Our Finite World. 
  51. ^ "Peak Oil : Laherrère responds to Yergin". Le Monde. 
  52. ^ WTI Spot Price, US Energy Information Administration. Retrieved January 31, 2017.[dead link]
  53. ^ "Reinventing the Wheel: The future of cars, oil, chemicals, and electric power" (PDF). IHS Markit. September 2017. Retrieved December 23, 2017. 
  54. ^ "Daniel Yergin Congressional Testimony -- Joint Economic Committee of the United States". IHS Markit. June 24, 2014. Retrieved December 23, 2017. 
  55. ^ Global Perspectives with Daniel Yergin, Federal Reserve Bank of Dallas, retrieved December 24, 2017 
  56. ^ Domm, Patti (August 16, 2017). "'Firestorm' over Trump's latest tirade prompted top CEOs to disband advisory council". CNBC. Retrieved December 23, 2017. 
  57. ^ Smith, Abby (April 14, 2014). "Pulitzer-Prize winning author speaks about energy, global politics". Lehigh Valley Live. Retrieved December 21, 2017. 
  58. ^ The Quest: Energy, Security, and the Remaking of the Modern World, Publishers Weekly, July 11, 2011

External links[edit]