2026-04-23
28 分钟A few months ago, the global oil market was looking relatively well supplied.
Prices and the political environment in the US favoured fossil fuels.
Now, policymakers are being painfully reminded that oil and gas are just one
straight-of-Hormuz closure away from a supply crisis.
This week, I'm asking, will worries about energy security change the dynamics of the global energy market?
This is The Economics Show.
I'm joined this week by Daniel Yergin, who is speaking to me from New York.
Daniel is the vice chairman of S&P Global, the author of Pulitzer Prize winning The Prize,
The Epic Quest for Oil, Money and Power, and also more recently, The New Map, Energy, Climate and the Clash of Nations.
Dan, welcome to the show.
Glad to join you.
Thank you.
Okay, so first question.
On a scale of 1 to 10, a highly scientific scale,
what is your best assessment of how bad this energy shock is right now when put in historical context?
This is the biggest energy shock, energy crisis, energy disruption in history.
There 's nothing but on this scale, even the ones of the 1970s,
which are sort of almost biblical in terms of how they 're seen, were not as big as this.
Although prices don't really reflect the severity of the shock or the shortage or the disruption.
Okay, but I need a number on that scale of 1 to 10.