Wednesday, December 29, 2010

Daniel Yergin: The Prize: The Epic Quest for Oil, Money & Power

Recently, USA Today invoked the author in a story about the demand for gas in the United States: "A combination of demographic change and policy change means the heady days of gasoline growing in the U.S. are over," says Daniel Yergin, chairman of IHS Cambridge Energy Research Associates and author of a Pulitzer Prize-winning history of the oil industry. This isn't the first time in U.S. history that gasoline demand has fallen, at least temporarily. Drivers typically cut back during recessions, then hit the road again when the economy picks up. Indeed, the Great Recession was the chief reason demand fell sharply in 2008. But this time looks different. Government and industry officials — including the CEO of ExxonMobil— say U.S. gasoline demand has peaked for good. It has declined four years in a row and will not reach the 2006 level again, even when the economy fully recovers. Read that USA Today report here.



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