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IHS Vice Chairman Dr. Daniel Yergin on the factors driving the price of gas and the growth of the U.S. energy sector.
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Energy policy a big conversation last night at the debate but our next guest says we could be seeing a new world order when it comes to energy.
And has nothing to do with politicians joining me now with more Daniel Yergin vice chairman of the EI -- and the author of this is a book -- should check out the quest energy security.
And remaking of the modern world.
-- went back to show it's always great to have you here.
He don't you write that thanks to hydraulic fracturing -- deep water technology.
The US is pumping more oil than it has in a decade tell us about that and how significant is it.
Well it's extraordinary what's happened both on natural gas and now on oil.
Our oil production is up 25%.
Since the last time we had a presidential election which was in 2008.
And the growth of that oil production has not only as long with the gas -- big economic significance in terms of jobs.
But geopolitical significance because.
The amount of oil -- has increased its been one element that's enabled us to put these sanctions on Iranian oil exports.
Which are clearly having a very big impact in -- And today.
You know you're talking about -- last presidential election how wasn't a big deal and it is this time it's part of the political conversation.
At the end of today Americans say that Ronnie will be better for gas prices 46 to 39% for Obama can the president himself.
Really drive gas prices.
I think that's the other I think that's the thing once I was ever president finds that gasoline prices are going up or down they don't have a lot of levers to.
To make -- go in the other direction.
Because -- price of gasoline is very much affected by whether China is growing or not.
Or how -- the tensions are with Iran are not so I think part of the frustration the White House is endeavor in charge is what we can do about it.
You know.
It's not been that long ago that we felt -- we were reading out of oil it was done that since then production is up 25%.
Who's responsible for this to -- credit with that.
I think this is this is the private sector this is and it's -- a lot of cases it's really.
Very entrepreneurial.
-- individuals who took risks who initiative who saw things differently.
There's a man and choose to name George.
But but saw that when people said that there wasn't a waited to get gas -- -- shale rock.
George Mitchell spent fifteen years trying to find a way any founded and now it's been -- you know I've just in China the Chinese are fascinated.
-- -- -- -- And yet it seems to me that the policy of this at government right now is is to shut this down.
Is that a bad thing for this country to do to well I don't I AI oil production I -- Think what we've seen Jerry is a turning here -- over the last several years.
And the Obama administration I mean last night he you know said -- and gases increased under my watch which is true a lot of business say is private initiative.
So I think the administration because is that job aspect of it because of the economic development aspect because when it does to American competitiveness.
Has kind of come around in a position.
To.
To be broadly supportive.
Differently from from Romney but in a way that you know some of it that they their own supporters administration haven't liked.
How wanna bring their clear difference is like excel type this that -- keystone XL pipeline is one area of course of a very sharp difference.
-- -- have.
Green energy for a second because we've been spending ninety billion dollars on companies developing solar and wind energy these are taxpayer dollars not private sector dollars.
Is it worth it.
I think that when you look at the growth it's gonna be out there in terms of energy demand it makes sense to diversify.
I think the lesson of the last few years.
Is government has it very clear role in terms of research and development bringing new technologies.
But when the government tries to be -- -- -- a private equity investor venture capital investor.
There -- they're getting on very shaky ground as we've seen.
Because economy changes and sadly.
Businesses that looked bright bright ideas there are not so bright ideas.
And that's what's happening now in this kind of continuing downturn well -- I think there's kind if there's there's a role where government does belong and then there's a role where governments on shaky ground.
And we're there right now five evaded the president said green energy picks.
Are bankrupt -- -- again thanks for coming -- -- there's the full screen right there take a look at that that is not a track record to be proud up.
But failure and we appreciate your time thanks for coming on tonight we hope to see -- see you thanks a lot.
