THE NEW MAP
ENERGY, CLIMATE, AND THE CLASH OF NATIONS
The latest on global energy geopolitics from the pen of an expert.
Yergin is the Pulitzer Prize–winning author of multiple magisterial volumes on world affairs as they relate to energy. In The Quest (2011), he described the stormy rivalry between an America struggling to maintain its hegemony in the face of upcoming rivals Russia and China. The following decade has not improved matters, and the current global pandemic is proving to be a disaster. However, bad news often makes for entertaining reading, and Yergin delivers a fascinating and meticulously researched page-turner. He maintains that an energy revolution has transformed the world to America’s benefit. However, it’s not wind and solar but fracking. American oil production had been dropping since 1970, but after 2000, fracking changed the game. In 2018, the U.S. overtook Russia and Saudi Arabia to again become the world’s largest oil producer. Production tripled between 2008 and 2020. Yergin astutely examines how other nations responded. Russia, with an economy “only slightly larger than Spain’s,” depends on oil income as much as the old Soviet Union. Responding to American oil sanctions, Putin has vastly improved relations with China, by many measures the world’s leading economy. “China,” writes the author, “has become what Britain had been during the industrial revolution—the manufacturing ‘workshop of the world.’ ” It’s already the largest producer of steel, aluminum, and computers as well as the largest energy consumer. Turning to the Middle East, Yergin describes an unhappy collection of failed states, civil wars, oppressive theocracies, bloody insurgencies, and wealthy ministates, all dealing with plummeting oil prices. The author views Trump with the same mild disapproval he applies to Putin and China’s Xi Jinping, and he chastises environmentalists for getting certain facts wrong. Yergin accepts that humans have dramatically affected the climate, but he doubts the practicality of proposed solutions.
Required reading. Another winner from a master.