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A USA Today Best Book of 2020! Named Energy Writer of the Year for The New Map by the American Energy Society Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the A USA Today Best Book of 2020! Named Energy Writer of the Year for The New Map by the American Energy Society Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. The shale revolution in oil and gas--made possible by fracking technology, but not without controversy--has transformed the American economy, ending the era of shortage, but introducing a turbulent new era. Almost overnight, the United States has become the world's number one energy powerhouse--and, during the coronavirus crisis, brokered a tense truce between Russia and Saudi Arabia. Yet concern about energy's role in climate change is challenging our economy and way of life, accelerating a second energy revolution in the search for a low carbon future. All of this has been made starker and more urgent by the coronavirus pandemic and the economic dark age that it has wrought. World politics is being upended, as a new cold war develops between the United States and China, and the rivalry grows more dangerous with Russia, which is pivoting east toward Beijing. Vladimir Putin and China's Xi Jinping are converging both on energy and on challenging American leadership, as China projects its power and influence in all directions. The South China Sea, claimed by China and the world's most critical trade route, could become the arena where the United States and China directly collide. The map of the Middle East, which was laid down after World War I, is being challenged by jihadists, revolutionary Iran, ethnic and religious clashes, and restive populations. But the region has also been shocked by the two recent oil price collapses--one from the rise of shale, the other the coronavirus--and by the very question of oil's future in the rest of this century. A master storyteller and global energy expert, Daniel Yergin takes the reader on an utterly riveting and timely journey across the world's new map. He illuminates the great energy and geopolitical questions in an era of rising political turbulence and points to the profound challenges that lie ahead.


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A USA Today Best Book of 2020! Named Energy Writer of the Year for The New Map by the American Energy Society Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the A USA Today Best Book of 2020! Named Energy Writer of the Year for The New Map by the American Energy Society Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. The shale revolution in oil and gas--made possible by fracking technology, but not without controversy--has transformed the American economy, ending the era of shortage, but introducing a turbulent new era. Almost overnight, the United States has become the world's number one energy powerhouse--and, during the coronavirus crisis, brokered a tense truce between Russia and Saudi Arabia. Yet concern about energy's role in climate change is challenging our economy and way of life, accelerating a second energy revolution in the search for a low carbon future. All of this has been made starker and more urgent by the coronavirus pandemic and the economic dark age that it has wrought. World politics is being upended, as a new cold war develops between the United States and China, and the rivalry grows more dangerous with Russia, which is pivoting east toward Beijing. Vladimir Putin and China's Xi Jinping are converging both on energy and on challenging American leadership, as China projects its power and influence in all directions. The South China Sea, claimed by China and the world's most critical trade route, could become the arena where the United States and China directly collide. The map of the Middle East, which was laid down after World War I, is being challenged by jihadists, revolutionary Iran, ethnic and religious clashes, and restive populations. But the region has also been shocked by the two recent oil price collapses--one from the rise of shale, the other the coronavirus--and by the very question of oil's future in the rest of this century. A master storyteller and global energy expert, Daniel Yergin takes the reader on an utterly riveting and timely journey across the world's new map. He illuminates the great energy and geopolitical questions in an era of rising political turbulence and points to the profound challenges that lie ahead.

30 review for The New Map: Energy, Climate, and the Clash of Nations

  1. 5 out of 5

    Lou

    Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future in this, his new book. The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. The "shale revolution" in oil and gas--made possible by fracking technology, but not without controversy--has transformed the American economy, ending the "era Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future in this, his new book. The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. The "shale revolution" in oil and gas--made possible by fracking technology, but not without controversy--has transformed the American economy, ending the "era of shortage", but introducing a turbulent new era. Almost overnight, the United States has become the world's number one energy powerhouse--and, during the coronavirus crisis, brokered a tense truce between Russia and Saudi Arabia. Yet concern about energy's role in climate change is challenging our economy and way of life, accelerating a second energy revolution in the search for a low carbon future. All of this has been made starker and urgent by the coronavirus pandemic and the economic Dark Age that it has wrought. The chessboard of world politics has been upended. A new cold war is emerging with China; and rivalries grow more dangerous with Russia, which is pivoting east toward Beijing. Vladimir Putin and China's Xi Jinping are converging both on energy and on challenging American leadership, as China projects its power and influence in all directions. The South China Sea, claimed by China and the world's most critical trade route, could become the arena where the United States and China collide directly. The map of the Middle East, which was laid down after World War I, is being challenged by jihadists, revolutionary Iran, ethnic and religious clashes, and restive populations. But the region has also been shocked by the two recent oil price collapses--one from the rise of shale, the other the coronavirus--and by the very question of oil's future in the rest of this century. A master storyteller and global energy expert, Daniel Yergin takes the reader on an utterly riveting and timely journey across the world's "new map". He illuminates the great energy and geopolitical questions on the eve of the historic 2020 Presidential election and the profound challenges that lie ahead. This is a fascinating, accessible and topical book which ruminates on some of the most pressing political, environmental, social and economic issues of our time. Yergin analyses the past few years and uses extrapolation to predict our energy future whilst correcting the shameless optimism promoted by governments and other entities who claim our energy future to be bright. A comprehensive look at the topographical evolution with regard to energy supply that has occurred over the past decade, Yergin, once again, has produced an eminently readable and extensively researched page-turner. Many thanks to Allen Lane for an ARC.

  2. 5 out of 5

    Nilesh

    The New Map is a topical, and most certainly not a seminal, recounting today's global energy sector. Some versions of similar industry studies are produced in multitudes daily around the global investment industry. Compared to those reports, the book has a few differences, most relatively minor: The book spends a lot of time providing its own perspective on global geopolitical events, with oil and gas/energy considerations as the drivers. Even in 2020, the author believes that energy equations ma The New Map is a topical, and most certainly not a seminal, recounting today's global energy sector. Some versions of similar industry studies are produced in multitudes daily around the global investment industry. Compared to those reports, the book has a few differences, most relatively minor: The book spends a lot of time providing its own perspective on global geopolitical events, with oil and gas/energy considerations as the drivers. Even in 2020, the author believes that energy equations make and break the superpowers, and whatever the big nations do is to enhance their energy security. The view is excessively US-centric and US-biased. The book's tone is completely different while talking about certain American developments or US-affecting situations - say the Shale industry, the natural gas trade, or even the climate-related drivers. The tone is different while discussing or forecasting the opposite - for example, history or personalities or the future of Russia, China, or the Middle Eastern nations that are US adversaries. The author shies away from radical medium-term forecasts. He discusses the environment, Autotech, and alternate energy source industries. However, the author presents no strong arguments, except beliefs based on the last hundred years history, that coal, oil, and gas usage will remain more or less on the same path for decades to come despite the climate concerns and technology changes.Similarly, the near-term forecasts are equally superficial and based on patchy assumptions. The author is too quick in dismissing any significant changes from the Covid fallouts. The book's best parts are about the US fracking industry. The author is a brilliant writer. He makes the tale flow effortlessly from one topic to the next, traversing the world, and that too spanning almost a century. In his hands, the context of so much we have observed and experienced becomes nothing but oil, shaped by energy moguls and politicians working from the background. On the negative side, while the author spends more time discussing the long history, almost all of these discussions are perfunctory mentions of significant historical developments that at best suit the context he establishes rather than insightful analysis. The forecasts are too broad-brushed and, once again, without analysis or conclusions that would stay in mind. The discussions on recent events and forecasts for the next few years would likely make the book obsolete for anyone reading after a few quarters (which is what the book has in common with almost all the reports written in the financial market community).

  3. 4 out of 5

    Peter Tillman

    Parts of this are very good (the energy stuff, as you would expect). Other parts I skimmed, and then the book came due at the library. Overall, 2.5 stars -- but the good stuff is worth picking up the library copy for. Reads more like a collxn of magazine articles than a book! I do have notes, and will try to get them written up before I forget the context. RTF

  4. 5 out of 5

    Venky

    Along with Vaclav Smil, Daniel Yergin has to be the best writer plying his wares on the energy sector today. He strikes vintage form with "The New Map." Broadly splitting the book into four territories covering USA, Russia, China and the Middle East, Yergin holds forth on the changing paradigms in the energy landscape. From the politics of pipelines to the uproar over unilaterally imposed sanctions, the master craftsman prises open the lid hiding many an intricacy of the Oil and Gas business tha Along with Vaclav Smil, Daniel Yergin has to be the best writer plying his wares on the energy sector today. He strikes vintage form with "The New Map." Broadly splitting the book into four territories covering USA, Russia, China and the Middle East, Yergin holds forth on the changing paradigms in the energy landscape. From the politics of pipelines to the uproar over unilaterally imposed sanctions, the master craftsman prises open the lid hiding many an intricacy of the Oil and Gas business that spurs the world. Whether it be the expeditionary Belt and Road Initiative of China or the Look East pivot of Vladimir Putin, Yergin highlights in a lucid fashion the role played by Oil in all of these economic and political overtures. But some of the most important chapters are those where the Middle Eastern/Gulf countries comprising the premier petroleum world body the OPEC are constantly striving to get out of their oil dependency. The efforts of the charismatic Mohammad Bin Salman (popularly known as MBS), the Crown Prince of the Republic of Saudi Arabia, in attempting to transform the very ethos of his country by ushering in radical reforms such as allowing women to drive, re-opening of movie theatres (hitherto considered taboo) etc are all attempts to lure 'non-oil' related investments into the Kingdom. However, as Yergin illustrates his most audacious move till date (discounting the heinous bravado in sending a hit squad to murder in cold blood, the popular journalist Adnan Kashoggi), has been the move to publicly list the largest oil company on the Planet Saudi Aramco. With a market valuation of $2 trillion the listing in itself was an epochal and unimaginable process. Yergin also expounds on the future of oil in the light of ever popular energy alternatives such as solar and wind power, Carbon Capture Use and Sequestering and the employ of Hydrogen. As he educates his viewers, the associated costs and impediments brought on by the vagaries of nature such as intermittent sunlight and wind, ensure that the progress in terms of renewables is putting it mildly, pedestrian. However, Oil will face a tumultuous future when Electric Vehicles and driverless cars make a mark on the world economics. Meticulously researched, methodically presented and magnificently narrated, "The New Map" is an indispensable addition to the collection of anyone having an interest in the domain of energy in general, and Oil & Gas segment in particular.

  5. 4 out of 5

    William Fish

    Too much is said in this book to capture it all here but my main takeaways are: 1. Energy supply affects a country's decision making and geopolitical security 2. Facts on the ground indicate that there's not going to be an immediate end to hydrocarbons (especially for developing nations) 3. The costs of the world of a China/America standoff are immensely damaging and are difficult to avoid 4. Current and future innovations take a long time to get adopted in the real world 5. Expect turbulence, populi Too much is said in this book to capture it all here but my main takeaways are: 1. Energy supply affects a country's decision making and geopolitical security 2. Facts on the ground indicate that there's not going to be an immediate end to hydrocarbons (especially for developing nations) 3. The costs of the world of a China/America standoff are immensely damaging and are difficult to avoid 4. Current and future innovations take a long time to get adopted in the real world 5. Expect turbulence, populism and nationalism in much of the world from excess debt and the rolling back of globalisation. Overall I really enjoyed the book. A lot of the content is about the history of our energy transition from the lens of different countries. Especially the US, Europe, Russia, China and the Middle East. The end of the book talks about the current state of carbon capture, electric- and self-driving cars and the future of energy and the mechanics of transitioning to green energy.

  6. 4 out of 5

    Patrick Pilz

    I loved the book. Todays politics are largely driven by the needs of individual countries, among others, energy needs. Daniel Yergin writes a macroeconomic treatise about the current state of energy production and consumption in different geographical regions, and the policies and politics caused by these. It all culminates in a future outlook. While he certainly cannot provide the answer on what will be, he describes very factual and accurate the current situation we are in and initiatives peop I loved the book. Todays politics are largely driven by the needs of individual countries, among others, energy needs. Daniel Yergin writes a macroeconomic treatise about the current state of energy production and consumption in different geographical regions, and the policies and politics caused by these. It all culminates in a future outlook. While he certainly cannot provide the answer on what will be, he describes very factual and accurate the current situation we are in and initiatives people and policy makers are taking. Non-fiction buffs will like the larger context the book provides on issues like fracking, (keystone) pipeline building, new green deal and other topics frequenting the headlines in your favorite newscast. He does this all with little emotion or political association. Very sober, factual and straight from the gut.

  7. 5 out of 5

    Marks54

    This is the latest book by Daniel Yergin that provides a relatively up to date tour of the global horizon for the geopolitics and sector development of energy. This is an update to Professor Yergin’s earlier books that brings the energy sector up to date with developments in shale oil and gas, along with the emergence of a global consensus (more or less) on climate - and how climate affects energy geopolitics. Unless one follows the sector regularly, there is much to catch up on (a negative futu This is the latest book by Daniel Yergin that provides a relatively up to date tour of the global horizon for the geopolitics and sector development of energy. This is an update to Professor Yergin’s earlier books that brings the energy sector up to date with developments in shale oil and gas, along with the emergence of a global consensus (more or less) on climate - and how climate affects energy geopolitics. Unless one follows the sector regularly, there is much to catch up on (a negative futures price for a barrel of oil??). In additional to the technical issues, there are the international political and economic developments around the rise of China, the policies of Putin, the rise of “mobility as a service” initiatives, and Trump’s imprint on all of this. Its a bit complicated. Then there is SARS-2 / Covid-19. The pandemic has thrown a bomb into the mix of the world economy, energy, and climate. (I have driven only a few hundred miles in the last nine months.). How does the pandemic affect energy politics and economics? What will the lasting effects of the pandemic be? I am not spoiling much to say that its is all a big mess, but Yergin knows how to help organize the issues and frame the questions that are likely to remain important. I suspect his services will be in demand as normality begins to reemerge during the upcoming year some time. This book is essential for anyone wishing to get up to speed on developments in the energy sector. Yergin is especially good at showing how hard it is to come to any really firm policy conclusions about what to do, given the large number of actors involved, the prior commitments of those actors, the size of the stakes, and the different perspectives that actors are pursuing. So do not expect tidy answers. Still, as a policy book on energy matters, it is timely and valuable.

  8. 4 out of 5

    Steven Z.

    In 1973 due to the Yom Kippur War involving Israel, Egypt and Syria the world found itself caught in the midst of a global energy crisis as the Arab states employed OPEC to impose an oil embargo. The result in the United States was long lines at gas stations, odd and even numbered license plates recognized to allow the purchase of gas, and a retraction of the American economy as oil prices spiraled and along with it the price of gasoline. The US was tied to Saudi Arabia importing between 25-40% In 1973 due to the Yom Kippur War involving Israel, Egypt and Syria the world found itself caught in the midst of a global energy crisis as the Arab states employed OPEC to impose an oil embargo. The result in the United States was long lines at gas stations, odd and even numbered license plates recognized to allow the purchase of gas, and a retraction of the American economy as oil prices spiraled and along with it the price of gasoline. The US was tied to Saudi Arabia importing between 25-40% of its oil needs. This situation reemerged in 1979 when the Shah of Iran, an American ally was overthrown by Islamists producing another oil crunch. The history of these events and their impact on the world economy were delineated by Daniel Yergin in his Pulitzer Prize winning history of oil, THE PRIZE: THE EPIC QUEST FOR OIL, MONEY, AND POWER. Yergin argued that the United States was running out of oil and he analyzed how that would negatively impact the American economy if changes were not implemented. The American oil industry seemed to be at a standstill as the demands for sources of oil and the climate change movement began to converge. In his new book, THE NEW MAP: ENERGY, CLIMATE, AND THE CLASH OF NATIONS, Yergin builds upon his previous history pointing out how the “shale revolution” has impacted the United States transforming the American economy and providing resources that have launched US energy reserves levels to perhaps the highest in the world. This lack of energy dependency has been in many ways responsible for the boom in the American economy before the arrival of the coronavirus. Yergin is a master storyteller and global energy expert who presents an incisive analysis of energy’s role in climate change and the role of international politics as everyone seems to be seeking an energy revolution for a low-carbon future. For the United States, “fracking” seems to be one aspect of the equation that his increased its energy political prowess during the last decade. The result has raised the level of geopolitical competition worldwide focusing on what appears to be a new Cold War between the United States and China, and Vladimir Putin’s pivot toward China as Russia’s energy production needs a reliable energy consumption partner. Yergin focuses on these energy and geopolitical questions and the profound changes that seem to lie ahead. Yergin’s presentation and analysis begins with the “shale revolution” in the United States and its impact on the world. He plies his craft well and no matter the area he delves into his prose is clear, the narrative is well founded, and his analysis is thought provoking and explains a great deal that many do not understand. The Pre-COVID-19 American economy took off due to the new technology of hydraulic fracturing and horizontal drilling that allowed the United States to become a major player in the world of oil. Yergin explains how the American trade deficit declined due to this “shale revolution” and how foreign investment, particularly chemical related facilities has flowed into the US economy because of cheap natural gas. Even American companies have cut their own foreign investment and increased domestic investment. This has led to a manufacturing renaissance in the United States. Yergin carefully explores the impact of the emergence of the United States as an energy superpower in the context of discussing different world regions and their energy needs. The shale revolution has greatly impacted Russia who in 2013 was the world’s leading producer of natural gas as well as a major supplier to Europe. With the arrival of the United States in the marketplace it has provided a diversification for European supplies lessening their reliance on Moscow and the games that Putin has played and depoliticized the natural gas market. Further, new American sources have increased its flexibility in foreign policy which it has not known in decades. It also allows the United States and China to interact in the global marketplace to the benefit of each other. Middle Eastern states now find their influence reduced, it has brought the United States and India closer together and reduced the trade imbalance with Japan and South Korea. In fact, by 2018 the United States overtook Russia and Saudi Arabia as the world’s largest oil producer. Following the collapse of the Soviet Union in 1991 oil allowed for its economic rebound as it provided 40-50% of the Russian budget, 55-60% of its export earnings, and 30% of its GDP. With the changing marketplace with Europe, Russia has moved closer to China as they have a mutual need, Russia must export energy, and China must have reliable sources to fuel its economy. The geopolitical realignment has also been affected by the decline in nuclear energy sourcing due to the Fukashima disaster in Japan that had led to their shutting down of nuclear power plants in Japan and Germany. This is the key component of Yergin’s narrative, the geopolitical realignment in the world due to changes and sources of energy and its impact on the world economy. Yergin is a superb historian as he focuses on the different regions of the world and the most important aspects as they relate to energy. The decline in US-Russian relations is a key aspect particularly Putin’s reaction to President Obama’s reference to Russia as a regional power. Events in the Eastern Ukraine, Crimea, Georgia, and exploration in the Arctic are all explored as is the China-Russia rapprochement or pseudo alliance focused on the expansion of American power. The role of the South China Sea and China’s move to achieve hegemony in the area are thoroughly narrated as the region is the superhighway for China’s energy needs. China’s strategy greatly impacts Vietnam, and other nations as China’s “core interests” have confronted America’s “national interests.” At times Yergin seems to play the role of an energy and transportation dilletante as he explores what seems to be innocuous topics that turn out to be very meaningful. A case in point is how the emergence of the container industry has consolidated world trade. This is reflected by the fact that China is responsible for 40% of the world’s container shipments or what Yergin refers to as how containerization has become the backbone of world trade. Yergin exhibits his historical knowledge and analytical skills as he delves into the energy history of the Middle East. Once the dominant region for energy, Middle Eastern countries now find themselves as competing in world markets, not dominating them. Yergin has a firm grasp of the conflicts that have impacted the region since World War I. His reporting is accurate as he approaches Iran’s drive for regional hegemony; the failure of the Arab Spring; the developing Saudi-Iranian conflict that has spilled over into Yemen; the axis of resistance formed by Iran as they dominate Lebanon, Syria, and to a large extent Iraq. His approach explains the rationale for the new Israeli-Saudi accommodation as the common enemy of Iran reflects the truism of Harold Nicholson’s dictum that the enemy of my enemy is my friend. Yergin’s perceptive commentary pervades the entire narrative that expands beyond a historical approach to one that includes the most recent changes in the world’s attitude toward energy. The emergence of climate change as a dominant issue is key Yergin focuses on new technologies that have produced the electric car, robotics, artificial intelligence, auto-tech, solar and wind as the world seems to want to reduce its carbon impact on the planet. In addition, Yergin presents his concerns over the impact of the Trump presidency and Covid-19 on energy markets and how each has fostered dynamic changes in world politics and makes predictions as what might occur in the future. However, Yergin’s approach has been questioned by writers such as Bill McKibben in the Washington Post, and Adam Tooze in the New York Times. What follows are excerpts of their issues with Yergin, McKibben writes; Perhaps Yergin assumes that we have that map in our heads. Perhaps he wants to spare us the embarrassment of reviewing the shambles of Washington’s grand strategy since the war on terror. Perhaps he himself is conflicted, torn by America’s painful polarization. In the era of Trump there is not one American map. Yergin’s own position seems uncertain. He seems at odds with the recent turn against China. But he does not elaborate an alternative. On Russia, he merely notes that it has become a hot-button issue. The result is a history without a center. A collage in which pigheaded Texan oil men, aspiring tech whizzes, Saddam Hussein, Qaddafi — dead in a drain pipe — Xi Jinping and his guy-pal Vladimir Putin, Saudi dynasts and vast arctic gas plants pass in review. The chronology is similarly helter-skelter. One minute we are pitching ideas to Elon Musk in Silicon Valley, the next we are back in 1916 peering over the shoulder of the diplomats who carved up the Ottoman Empire. At times it feels as if we are being whirled through a remix of the greatest hits from “The Prize.”* Tooze writes; Above all, the plummeting cost of solar and wind is reshaping the energy future, and here Yergin’s analysis is undermined by increasingly obsolete arguments about how hard it is to store power when the sun isn’t shining; electric grids are coping fine with ever-larger shares of renewable energy. They’re not, however, coping well with climate change: Drooping wires in record heat are responsible for many of the blazes now charring the West. Change clearly needs to come fast, and Yergin is so embedded in old patterns of thought that he can’t quite recognize the urgency. Even history bends to physics.** No matter what one’s opinion is of Yergin’s new work it is an important contribution for the study of the topic, and the debate it has fostered. *Adam Tooze, “The Future of Energy,” New York Times, September 15, 2020. **Bill McKibben, “A Global Energy Study that Misses Some Climate Change Realities,” Washington Post, September 25, 2020.

  9. 5 out of 5

    David

    As the rating suggests this is a terrible book. The main drawback is a COMPLETE misreading of Chinese data: China 2025; debt to GDP; agriculture; energy; renewables, etc. Yergin gets this wholly wrong. Then there the little matter of world demographics. Between 2022 and 2024 the bulk of the Boomers will retire taking their money with them. The Americans have the Millenials to fall back on, but no one else does, though France and New Zealand have a small cohort (not enough to replace the Boomers As the rating suggests this is a terrible book. The main drawback is a COMPLETE misreading of Chinese data: China 2025; debt to GDP; agriculture; energy; renewables, etc. Yergin gets this wholly wrong. Then there the little matter of world demographics. Between 2022 and 2024 the bulk of the Boomers will retire taking their money with them. The Americans have the Millenials to fall back on, but no one else does, though France and New Zealand have a small cohort (not enough to replace the Boomers even a little bit). So, Consumption, Investment, and Export-led growth will no longer be possible. This means socialism, communism, fascism, and capitalism will no longer be possible...outside of America. All -isms are based on more. We, the world, are moving into an era of less--again...except America. Yergin's argument is mostly based on the idea of continuing cheap capital. In America, this will, after 2022, go up four or five times what it is today. This is only a taste of what Yergin gets wholly wrong. Don't even get me started on the G2: America and China, according to Yergin. In ten years China will be lucky to be a unified country after the crash that is coming -- see above. America? It will retreat into the Americas, placing a Cordon Sanitaire around this and let the world burn...except for its five trading partners -- Canada, Mexico, UK, Japan South Korea. Welcome to the world of post-growth. Yergin's book Quest made a lot of sense at the time. This one is drivel.

  10. 4 out of 5

    Daniel

    Yergin won a Pulitzer Prize for his report on energy. This latest book maps out the current roadmap of energy. 1. The shale gas revolution in America had transformed America into an energy superpower, exporting LNG and oil. This increased overall supply and depressed prices. 2. The Iran deal further added to global supply. 3. Lower prices are good for importers but quite devastating for exporters such as OPEC countries and Russia. They can longer control the price by restricting output. 4. Gas p Yergin won a Pulitzer Prize for his report on energy. This latest book maps out the current roadmap of energy. 1. The shale gas revolution in America had transformed America into an energy superpower, exporting LNG and oil. This increased overall supply and depressed prices. 2. The Iran deal further added to global supply. 3. Lower prices are good for importers but quite devastating for exporters such as OPEC countries and Russia. They can longer control the price by restricting output. 4. Gas pipelines from Russia are now reaching Europe and China. Post Crimean sanctions, Russia had no choice but to supply more to China t lower prices, drawing them together. 5. China is concerned about its access to energy and that has caused it to build naval bases in the South China Sea which is hotly contested. 6. The Middle East countries are finally realising that they can no longer rely on oil export as their major driver of economy. It is to diversify or die. 7. Wind and solar are promising but they still account for less than 10% of global energy output. We will still need to rely on oil for a long time to come because of existing infrastructure, stability and scale. 8. It is unrealistic for America to stop all fracking, new pipeline laying and export. What would power our car and heaters then? 9. The coronavirus will depress demand for a while but not forever. The requirement for energy, mostly from oil will be mainly driven by developing countries, especially China and India. China is already the biggest user and producer of solar panels. 10. Governments devastated from the Covid-19 will need to delay their new investment in Green energy as they are straddled with huge debts.

  11. 4 out of 5

    Orhan

    Fantastic overview on the history and future of energy. First part of the book reviews the energy history, geopolitics, and economics in the US, Russia, China and Middle East. Second part of the book ties it all together and explains what this means for our future. Touches on electrification, energy transition, autonomous vehicles, climate change and other. For those looking to learn more about energy history, recommend Yergin's other book "The Quest" Fantastic overview on the history and future of energy. First part of the book reviews the energy history, geopolitics, and economics in the US, Russia, China and Middle East. Second part of the book ties it all together and explains what this means for our future. Touches on electrification, energy transition, autonomous vehicles, climate change and other. For those looking to learn more about energy history, recommend Yergin's other book "The Quest"

  12. 4 out of 5

    Vikram Nath

    I can sum up my review in just one sentence - "This book has made me smarter". I am amazed at the holistic coverage of the book - from US Shale, to Russia, to China, to Middle East and to last but not the least an update on the state of renewables. The book is full of facts and anecdotes, almost every one of them an enlightening one. Amazingly, even though this book was published in 2020, you will find many references of Covid 19 pandemic. If you are remotely related to Energy or are just curiou I can sum up my review in just one sentence - "This book has made me smarter". I am amazed at the holistic coverage of the book - from US Shale, to Russia, to China, to Middle East and to last but not the least an update on the state of renewables. The book is full of facts and anecdotes, almost every one of them an enlightening one. Amazingly, even though this book was published in 2020, you will find many references of Covid 19 pandemic. If you are remotely related to Energy or are just curious about how much Energy is important to the Global politics, you cannot find a better read.

  13. 4 out of 5

    Dave Schoettinger

    I have noted in recent years that many, if not most, have trouble differentiating between a future they would like to see, and a future that rational analysis suggests is most likely. Daniel Yergin does not appear to have any such trouble as he predicts the world's energy future. This book appears to be based on his years of experience in studying the energy industry and he does not seem to be advocating any particular course of action, just describing what he sees as most likely and why. He tre I have noted in recent years that many, if not most, have trouble differentiating between a future they would like to see, and a future that rational analysis suggests is most likely. Daniel Yergin does not appear to have any such trouble as he predicts the world's energy future. This book appears to be based on his years of experience in studying the energy industry and he does not seem to be advocating any particular course of action, just describing what he sees as most likely and why. He treats climate change as real and human-induced, but I don't expect him to be volunteering as first mate on Greta Thunberg's next expedition. I found the section on energy's impact on geopolitics particularly interesting. Like most Americans of my generation, I spent decades concerned that our ever-increasing use of petroleum would make the US hostage to OPEC. According to Yergin the last ten years have seen fracking technology provide the US with all the oil we can use for the foreseeable future. If George W. Bush really did invade Iraq for the oil, the joke's on W. Fracking technology has enabled more oil to be recovered from the shale under his Texas ranch, than we were ever likely to squeeze out of Iraq. I also enjoyed his treatment of electrical vehicles and made me think I may be able to afford one in the near future.

  14. 5 out of 5

    Jon Davids

    Yergin set the bar high with The Prize and The Quest...in The New Map he picks up where he left off and does not dissappoint...from the transformative impact of fracking, to the strategic importance of the South China Sea, to the potentials for solar and wind, to the significance of ride sharing/autonomous driving vehicles/the electric car...the book is wide in both breathe and depth. Yergin identifies recent trends and future developments in geopolitics, all through the lens of energy productio Yergin set the bar high with The Prize and The Quest...in The New Map he picks up where he left off and does not dissappoint...from the transformative impact of fracking, to the strategic importance of the South China Sea, to the potentials for solar and wind, to the significance of ride sharing/autonomous driving vehicles/the electric car...the book is wide in both breathe and depth. Yergin identifies recent trends and future developments in geopolitics, all through the lens of energy production and distribution...this book explains alot about what is going on in the world arounds us!

  15. 5 out of 5

    Charles

    A Realistic, Informed Look at the Current State and Outlook for Global Energy Daniel Yergin has long been a well-regarded and insightful historian and analyst of the global oil industry. “The Prize” was his landmark 1991 history of oil (later adopted as a PBS special). He followed this 20 years later with a second book, “The Quest,” in which he updated the nature of geopolitical competition over energy and explored “new energies” that were beginning to compete with oil. If anything, there has sinc A Realistic, Informed Look at the Current State and Outlook for Global Energy Daniel Yergin has long been a well-regarded and insightful historian and analyst of the global oil industry. “The Prize” was his landmark 1991 history of oil (later adopted as a PBS special). He followed this 20 years later with a second book, “The Quest,” in which he updated the nature of geopolitical competition over energy and explored “new energies” that were beginning to compete with oil. If anything, there has since been an acceleration of change in the global energy situation due to fracking, the rise of green alternatives to oil, and the decline in demand due in part to efforts to develop “clean energy” and reduce the world’s carbon footprint. This is chronicled in “The New Map,” Once again, Yergin has written a compelling book which evaluates these changes, addresses the geopolitical implications, and takes a skeptical view of the extent and pace with which oil will be replaced by solar, wind, hydrogen, or electrically-charged vehicles. (As he points out, many nations don’t have the generating capacity to support major conversion to electrical vehicles and electricity is still largely a carbon-based process. Generating electricity through nuclear plants faces opposition and solar and wind generation is growing fast but has limitations.) As in his other books, Yergin is a great storyteller, capturing the human drama of change through profiles of individuals who have been entrepreneurs and innovators. These include George Mitchell, who in 1998 drilled the first fracking well for natural gas in Dish, Texas, and Mark Papa, who realized that fracking properties that yielded oil were more valuable than those producing gas. There are Charif Souki and Michael Smith, who each independently foresaw the need for the US to import natural gas and were building major port facilities on the Texas and Louisiana Gulf coast to receive it, only to have to adjust rapidly as the country produced more natural gas than it could consume. Ports designed for gas import were quickly redesigned for gas export. Yergin chronicles the strain on producing countries as they can no longer control price by restricting demand. Vladimir Putin is under pressure as head of a country where oil export earnings finance 40% to 50% of Russia’s government budget and account for 30% of the nation’s GDP. There is the daunting challenge for Saudi Arabia and other Arab Gulf states to diversify their economies away from oil. Germany and other importing countries have new options to meet their hydrocarbon needs. Yergin acknowledges how quickly technology is changing the world’s energy profile. The cost of solar panels has plummeted as China has found ways to sharply reduce costs and as many countries have installed huge solar farms. In a particularly noteworthy observation, Yergin says that, “The coronavirus crisis has demonstrated the degree to which digitalization has become a competitor with transportation, using electrons [think Zoom conferencing] to connect people rather than molecules [think auto and aircraft fuel] to move them. Yet while he deals with alternative fuels and consumption trends that are reducing the need for oil, Yergin makes a compelling case that the oil era will be with us for many decades. This will not be a dramatic change on the order of Kodak film being replaced by digital imaging or snail mail being replaced by email. Energy is not software. Yergin argues that we will still need to rely on oil for some time to come. Today 80% of the energy produced is carbon-based and our infrastructure investments and supply chains are based on this source. It’s not easy to match the reliability and scale of carbon fuels. Wind and solar generation are intermittent and may not coincide with periods of peak demand. Thus much future growth from these sources will depend upon storage and battery technology. Nuclear is a reliable and economic way to generate electric energy, but there is great political opposition to new nuclear plants. Can this be overcome through advanced reactors and smaller reactors built close to electric demand? The future is uncertain. Hydrogen could provide some ten percent of energy needs, but it is appropriate only for certain applications (and probably not for cars). And, as we move away from fossil fuels, the alternatives may create their own environmental problems. “Half a million pounds of raw materials must be mined and processed to make a battery for a car,” Yergin says. (I searched in vain in the footnotes for the source of this statistic.) For the past 120 years, oil has been a dominant factor not only in the global economy but also in the strength and competitiveness of nations. Daniel Yergin’s latest book is a readable and informed assessment of how technology and energy demand are helping define new winners and losers. But it is also a sober assessment that the map has been re-drawn, but that we are nowhere near the end of the age of oil.

  16. 4 out of 5

    Matt Conger

    This is one of my most-anticipated books of 2020. His first energy-focused book The Prize: The Epic Quest for Oil, Money, and Power is in my top 5 books of all-time. He is such a great storyteller and has ridiculous access to heads of state and CEOs. I’ve been to his book talks in both San Francisco and Beijing. The first 2/3 of the book are phenomenal: he covers the energy & geopolitical situation of US, Russia, China and the Middle East. Things slow down quite a bit when he moves from a focus This is one of my most-anticipated books of 2020. His first energy-focused book The Prize: The Epic Quest for Oil, Money, and Power is in my top 5 books of all-time. He is such a great storyteller and has ridiculous access to heads of state and CEOs. I’ve been to his book talks in both San Francisco and Beijing. The first 2/3 of the book are phenomenal: he covers the energy & geopolitical situation of US, Russia, China and the Middle East. Things slow down quite a bit when he moves from a focus on regions to a focus on technologies (ride-sharing) or policies (COP-21 in Paris). Those sections are amusing but not nearly as informative as the first part of the book. As with The Prize, he highlights how nearly all of the power that has been gained or lost among nations in the last few decades can trace itself to energy. I knew about the US achieving “energy security” because of shale, but I didn’t realize that Qatar, for example, is a huge global player in LNG or that the energy has been wielded as a weapon in the Saudi Arabia/Iran/Yemen conflict. I highlighted several passages that were classic Dan Yergin storytelling: how the first ever shipments of oil *left* the US after decades of being an importer, how pancake diplomacy and falcons played a part in sidelining the US in terms of the global energy mix, the role that mapmakers have wittingly or unwittingly played in the course of history, etc. His prose is also memorable. I read a hardcover, so my highlights won’t appear here, but here’s a great example: “The coronavirus crisis demonstrated the degree to which digitalization has become a competitor with transportation, using electrons to connect people rather than molecules to move them.”
 He also puts much more of his opinions into his writing than what I can recall from earlier books. He points out the problems with a lot of conventional wisdom: - Sanctions on Russia’s natural gas just accelerated them to build out their domestic technology faster than they otherwise would. - Institutional investors who are being pressured to diversify away from fossil fuel stocks are creating zero impact on carbon emissions and might be hurting pensioners. - Banning plastic straws is pointless. - Hypocrisy in the British government for advocating for electric cars but blocking the electric generation capacity additions needed (wind farms). The book shoehorns in several references to the coronavirus. These most often appear at the beginning or end of chapters, and sometimes in a bit of a throwaway fashion (paraphrasing here, but a few chapters end with: “But, of course, the coronavirus could change all this.”). This is nonetheless a highly-recommended read. It doesn’t reach the commanding heights of The Prize, but it succeeds in bringing the past and future into perspective.

  17. 4 out of 5

    Ben Rogers

    Great environmental book on climate change. An eye-opening view on things like the global elite affecting the climate of the world through business practices or policy. The book focused lots on USA, Russia, and China, but had lots of problems and solutions that could be observed in any nation. I thought this was a very important read. Highly recommended for all environmentally-conscious people. 4.6/5

  18. 4 out of 5

    Chris Miller

    The Prize, Mr. Yergin's excellent history of the world's oil industry is a well-done work. The New Map seems to be an uneven book by comparison. For the most part, the history in it is well done, but the commentary spoils it. He is condescending to any ideas or proposals that disapprove, have concerns or disagree with, or oppose Big Oil. He complains about a Democratic president but does not address the shortcomings of another in the Middle East. He does show President Trump as a positive deal m The Prize, Mr. Yergin's excellent history of the world's oil industry is a well-done work. The New Map seems to be an uneven book by comparison. For the most part, the history in it is well done, but the commentary spoils it. He is condescending to any ideas or proposals that disapprove, have concerns or disagree with, or oppose Big Oil. He complains about a Democratic president but does not address the shortcomings of another in the Middle East. He does show President Trump as a positive deal maker in several areas. Yergin comes across as 'snarky' in describing environmentalists, pipeline opponents, and alternative energy supporters. This is too bad as he also presents some information that provides logical food for thought as we move forward. It seems to me that he also had two glaring omissions as well. He did not address the Bush-Saudi connection and there was NO mention of the Cheney White House fracking committee early in the second Bush administration. A worthwhile read, but it could have been so much better.

  19. 4 out of 5

    Santhosh Shetty

    Top class dive into the world of modern geopolitics and energy. I understood a lot about the reasons for the current world order occurrence and what can be expected in the future of energy markets.

  20. 4 out of 5

    Heather

    A comprehensive review of global energy and its affect on geopolitics. Very interesting discussion on auto tech.

  21. 5 out of 5

    Mad Hab

    I will definitely recommend this book for reading. Not only to those who are interested in energy, but to those who want to widen their world view.

  22. 5 out of 5

    J

    A comprehensive look at the state of play in world energy today/slightly before COVID-19 written by Daniel Yergin, author of the The Prize, which was heavily recommended and extracted in Ben Mezrich's Rigged which focused on the New York Mercantile Exchange (NYMEX) which trades in WTI futures and the founding of the Dubai Mercantile Exchange Limited (DME) which trades Oman oil futures. The book is written much like a series of Yergin's columns and is broken into parts with each focusing on a 'new A comprehensive look at the state of play in world energy today/slightly before COVID-19 written by Daniel Yergin, author of the The Prize, which was heavily recommended and extracted in Ben Mezrich's Rigged which focused on the New York Mercantile Exchange (NYMEX) which trades in WTI futures and the founding of the Dubai Mercantile Exchange Limited (DME) which trades Oman oil futures. The book is written much like a series of Yergin's columns and is broken into parts with each focusing on a 'new map'. These include the impact of the US shale boom, first with fracking for LNG using guar, before replacing the guar with a water mixture, introducing non-conventional horizontal seam drilling and rotating drills, and finally discovering that the larger sized molecules of oil could be extracted via fracking as well. Yergin is particularly keen on the Marcellus Shale in West Virginia, as well as the Permian basin and the dual seams which cross the Ontario/NY border, being heavily exploited on the Ontario side and barred from expansion on the NY side. Yergin strongly protests any attempts to limit free trade, particularly concerning pipelines, and is against any decision to stop the construction of the Keystone XL pipeline (which Biden will stop imminently) as well as the sanctions aimed at preventing or slowing construction of Nord Stream 2. The discovery of shale fracking and available deposits turned the US from a net energy importer to an exporter, particularly to Mexico and Canada via pipelines, but also notably China via compressed LNG travelling through the Panama Canal on ships. However the drop in prices initiated by the Saudis made much of US shale non-viable due to its high extraction costs and investors demand for returns, rather than just growth for growth's sake. Under Yergin's new map, the major players in the world of LNG are Qatar, Australia, Russia and the US. For crude oil, the major players are Qatar, Saudi Arabia, US, Russia, and the growing contributions of Kazakhstan which has seen its wealth grow eight-fold after the 'Deal of the Century' with Chevron in 1994 to exploit its oil reserves, and Turkmenistan, which is rich in natural gas. Russia's energy anxiety's largely stem from how to get it to market now that the Ukraine and other areas its pipeline runs through are becoming more fractious. As well as wanting to secure an all-weather port in Ukraine and constructing Nordstream 2, the Northern Sea Route provides opportunities for Russia to get its oil to the self-described 'Near Arctic' state of China without paying Ukrainian pipe levies. Interestingly climate change is set to increasingly open up a larger number of novel Arctic shipping routes as the icecaps melt, changing the geopolitical map for 'Near Arctic' states. While Russia derives 20% of its oil revenues from China, Russia accounts for only 2% of the Chinese supply, so the relationship remains imbalanced. Russia has further anxieties about the growing Han and Manchu Chinese presence in Outer Manchuria/外東北 which, interestingly, includes the largest Russian island of Sakhalin, off the coast of Japan. Sakhalin is mentioned frequently in Paul Carter's second book This Is Not A Drill where he works with fellow day-rate contractors for fly by night Russian firms operating in Sakhalin, off the coast of Japan, in 2007. Today, however, it is the Yamal liquefied natural gas (LNG) project in the Arctic wasteland of Sabetta (Yamal meaning end of the world in the indigenous language) 4,061.85 km from the coast of Sakhalin that has greatly changed Russia's energy fortunes and will be increasingly significant as natural gas prices rise. It is also notable that many natural gas contracts are pegged to the price of oil, so as oil prices rise they will naturally be index higher (the Japanese oil price is one such price). His overview of the Middle East 'new map' is by far his most expert and informed and focuses upon the Iranian 'Arc of Confrontation' in which is seeks to surround the opposing Sunni states of Iraq and Saudi Arabia and Israel with a ring of Iranian influenced Shia parties/militias. The success of Hezbollah in Lebanon is pointed to as the pinnacle of success in this secret war which came to light in international headlines when Qassem Soleimani of the Quds Force was assassinated in a US airstrike at Baghdad international airport. The rise of the Eastern Med has been particularly significant in altering fortunes in the Middle East, particularly for Israel and Cyprus, primarily Israel. The Leviathan natural gas field in Israel and the Aphrodite field in Cyprus, each discovered by US firm Noble Energy, since acquired by Chevron. The Italian super-major Eni discovered a further significant field off Egyptian waters and is also involved in Kazakhstan. The Eastern Med may well be a LNG exporter to Europe and Egypt in the years to come, with Egypt already signing a $15 bn pipeline deal with Israel for future supplies. Ultimately, Yergin sees the energy field as one which will continue to grow and expand with the world's population and surging incomes of BRICS, primarily China and India, and continue to be predominantly petroleum based, but with LNG assisting the transition from coal, particularly in China which at present relies on coal for 60% of its energy (and supplies its own coal domestically) and LNG for just 6% compared to 30% in many other countries. He notes that in 2017 sudden cold snaps in China greatly increased demand for imported LNG, and correspondingly, the cost as well. He notes that the cost of solar panel production has dropped by 85% in the space of around 5 years due to German subsidies for green energy and the role Professor Martin Green of UNSWs School of Photovoltaic and Renewable Energy Engineering played in increasing the efficiency and cost of solar panels, the bases for which were exported back to China as a result of many Chinese students doing their masters and PhDs at UNSW's Photovoltaic program. He is particularly bullish on offshore wind, but notes that the raw earth materials required for batteries and wind turbines are largely (60%) controlled by China. He suggests the impact of COVID might be to increase preference for personal cars, decrease preference for public transport, increase telecommuting, revert logistics back to just in case instead of JIT warehousing. Yergin further points to the fact that China now control 60% of the world supply of polysilicon which is a key material for solar PV cells. Made in China 2025 is China's effort to jump up the value chain and avoid the middle income trap by becoming an exporter in 10 key industries. Yergin points to the long lag time between when a technology is invented and when it becomes adopted, beginning with the use of coal to smelt steel and continuing through to Edison's invention of the electric car later perfected by Musk. This he suggests means that petroleum and LNG products will continue to contribute the lion's share of the energy mix into the foreseeable future (2030).

  23. 5 out of 5

    David Nygaard

    The New Map is an expansive book with a big scope. It seeks to find the common thread that explains a seemingly unrelated list of geopolitical events of recent years even as it reflects on the biggest challenge of our time: climate change and the energy transition. For the most part, it succeeds. This was the first book by Daniel Yergin that I have read: Yergin is well known thanks to his contributions at IHS Markit and as the author of The Quest (2011) and The Prize (1990). Given the timeliness The New Map is an expansive book with a big scope. It seeks to find the common thread that explains a seemingly unrelated list of geopolitical events of recent years even as it reflects on the biggest challenge of our time: climate change and the energy transition. For the most part, it succeeds. This was the first book by Daniel Yergin that I have read: Yergin is well known thanks to his contributions at IHS Markit and as the author of The Quest (2011) and The Prize (1990). Given the timeliness of the book and its recent release (September 15th, 2020) I was curious to see what he had to say. Yergin spends close to two-thirds of the book examining energy-related and geopolitical developments over the last 10-15 years in the US, Russia, China and the Middle East before shifting to look at trends in electrification, electric vehicles, battery storage, renewables and what the energy transition means in the developing world for what the WHO calls “the forgotten three billion” who lack access to clean cooking fuels. As a Canadian, I questioned what I thought was an excessive focus on the US, Russia, China and the Middle East to the seeming exclusion of the large non-OPEC producers, of which Canada is very significant as the 5th largest producer of oil and natural gas in the world. In short, I thought it was a rather inconvenient spot to draw the line. But after having read the whole book I see Yergin’s point: he’s not approving the massive ramp-up in military spending - he’s simply pointing it out who’s doing it - and Canada is not. I was glad to see that he noted that Canada has been successful in reducing the intensity of its GHG emissions from oil sands production by 20% over the last decade with trends indicating another 20% possible soon. Yergin did make some interesting observations in the book, some of which might seem obvious - others not so much. For example, I thought it was interesting how he summed up the recent mutual embrace of China and Russia to: “China needs energy, Russia needs markets.” Similarly, when he states: “A relationship that was once based on Marx and Lenin is now grounded on oil and gas.” Hard to look at the China-Russia relationship the same after reading that. I also learned a few surprising things I did not know before: for example, that a scientist working for ExxonMobil in the 1970s invented the lithium ion battery and that the modern solar industry got its start due in part to early mover investments by Exxon in 1973. Yergin describes how China became the world’s largest player in solar energy production and consumption over the last 20 years. I also saw mention of some ideas (such as moving electrons vs. molecules) that I had seen before but presented in new ways, such as when he states: “The coronavirus crisis demonstrated the degree to which digitalization has become a competitor with transportation, using electrons to connect people rather than molecules to move them.” The book also helped me connect some dots that Yergin did not explicitly describe but that occurred to me thanks to his observations. For example, when describing the wind power industry, he states: ““While 95 percent of total wind capacity is onshore, the industry is venturing offshore, where the winds may be steadier and stronger and the towers larger and the wind resource potentially much greater, but the technical challenges of waves and wear are greater.” That made me think of the similarities to oil and gas: how both industries started out on land but moved offshore where the challenges were greater but the resource was much greater. Above all, Yergin is a pragmatist, such as when he quotes Varun Sivaram, an author of a “generally positive book on solar power” and concludes: “In other words, at this time at least, solar and wind cannot go it alone. They need partners. Natural gas generation is a flexible partner for solar and wind. Gas is lower-carbon and lower emissions (with methane control), and gas generation can be ramped up and down to provide balance against the fluctuations of wind and solar.” He concludes the book hopefully, noting that: 1) hydrogen “could end up a 10 percent or more player in the energy mix in the future”, 2) that “some see hydrogen today as where renewables were two or three decades ago” and that 3) “hydrogen does not seem to involve geopolitical issues. It is either a tool for countries to meet ambitious decarbonization goals or an opportunity for export, becoming a globally-traded commodity.” The book made me think and it surprised me a few times, and left me hopeful. On that basis, I’m giving it five stars.

  24. 4 out of 5

    Hemanth N

    Fantastic book on how oil, gas, renewable source and electric vehicle are changing the geopolitics and the way we look at the world. • Hydraulic Fracking, developed in 1940, also known as Fracking, which uses cocktails of water, sand, gel and some chemicals injected under high pressure into rocks that would break open tiny pores and liberate the gas. • They do Vertical fracking, followed by Horizontal fracking. • As of 2007, Coal generated half of US electricity. By 2019, it was down by 24% and nat Fantastic book on how oil, gas, renewable source and electric vehicle are changing the geopolitics and the way we look at the world. • Hydraulic Fracking, developed in 1940, also known as Fracking, which uses cocktails of water, sand, gel and some chemicals injected under high pressure into rocks that would break open tiny pores and liberate the gas. • They do Vertical fracking, followed by Horizontal fracking. • As of 2007, Coal generated half of US electricity. By 2019, it was down by 24% and natural gas to 38%, this is one of the reasons why US CO2, emissions dropped down levels of 1990’s. • Disintegration of Soviet Union fractured the integrity of oil industry, the oil base on west side of Caspian Sea was now with Azerbaijan and east side of Caspian Sea now with Kazakhstan. During this period many oil industries was up for grabbing. • Ukraine means edge or border land, Ukraine & Russia both assert a common origin by Kyivan Rus. The medieval kingdom was established by Viking warriors who intermixed with local Slavic tribes in what becomes knows as the “Rus Lands” which were ruled by Kyiv. Even with common identity Russia and Ukraine fight, today. • An entrepreneur, Malcom McLean, from North Carolina town known as shoe Heel, created the concept of shipping container. • China created Asia Infrastructure Investment Bank, something as World Bank. China has 32% of capital and 30% of voting rights and so far, India is biggest recipient of the loans. • Overseas Private Investment corporation, a government agency, that lowers the risk of investing abroad, by providing risk insurance. • New energy vehicles program is one of the Beijing’s national industrial strategy priorities. This is making china produce mostly EV vehicles. In crowded cities only way to get license plate is thru lottery. Even if we win the lottery, you need to pay fees, substantial as 13000$. An electric car buyer can bypass the lottery and get the license plate automatically. • How would insurance work for AV: o Will vehicles have product liability? o Can vehicles be hacked as they run on software? o Who owns the data that car creates and who can access them? o The new mobility will create major dislocations. A shift from mobility as a product to mobility to service. • Hydrogen is an alternate source for natural has for fuel cells for electric vehicles. Hydrogen is already used in fertilizers and hydrogen is rarely occurs in the natural form. • Wind turbine needs 2500 tons of concrete and 45 tons of plastic and about half a million pounds of minerals needs to be minded for electric car.

  25. 5 out of 5

    Hadrian

    Yergin's best-known work, The Prize: The Epic Quest for Oil, Money, and Power, was a sweeping look at the history of petroleum. It had the good fortune to be published around the time of the First Iraq War, where the threat of a genocidal dictator was on everyone's mind. The Prize is still read and referenced as a grand history of the subject, and so was a belated sequel, The Quest: Energy, Security, and the Remaking of the Modern World. Full disclosure, I've read and learned from both. I've had Yergin's best-known work, The Prize: The Epic Quest for Oil, Money, and Power, was a sweeping look at the history of petroleum. It had the good fortune to be published around the time of the First Iraq War, where the threat of a genocidal dictator was on everyone's mind. The Prize is still read and referenced as a grand history of the subject, and so was a belated sequel, The Quest: Energy, Security, and the Remaking of the Modern World. Full disclosure, I've read and learned from both. I've had high expectations for this, but largely because of the sweep of Yergin's previous work. The New Map is aimed at the present - at the current uses of fossil fuels, and with a nod to the effects of climate change and international competition for energy sources. The book is divided into several 'maps' - one for the United States, for Russia, for China, and for the Middle East. There are brief asides for other actors - Kazakhstan, for example. While a focus on the supply side is obviously important, there is less of a focus on the demand side - much of Western Europe is shoved into a few chapters about the NordStream pipeline. Barely anything for India or Japan, which are astonishing ommissions. From what I do know, the book makes unusual turns. Yergin includes brief stories about small-scale frackers in the Barnett Field in Texas. A good starting point - that is some context. But on the other hand, the story of this industry in the aggregate is missing. Likewise, the story of the 10,000-pound elephants in the room, Chevron, and ExxonMobil, is also missing. How would these firms adapt to the new climate or new technologies? This is the problem with talking about the present and not the past. The future is not yet known, and much of the present decision-making is inaccessible. The new map resembles that of the Europeans around 1493 - broad stretches of coastline here, a few islands there, and all the rest a complete unknown - including whatever war or future catastrophe may unfold.

  26. 5 out of 5

    Dan Graser

    Any work by Daniel Yergin on the subject of energy and its relation to geopolitics is going to be an exhaustive, erudite, and engaging work and this latest offering is no different. Given the highly specialized focus of such a book, I don't really feel the need to offer too much in the way of recommendation here, it's like recommending a book on jazz by Wynton Marsalis. The expertise has by now been so well-established that all I can really offer is a thumbs up from a very interested dilettante. Any work by Daniel Yergin on the subject of energy and its relation to geopolitics is going to be an exhaustive, erudite, and engaging work and this latest offering is no different. Given the highly specialized focus of such a book, I don't really feel the need to offer too much in the way of recommendation here, it's like recommending a book on jazz by Wynton Marsalis. The expertise has by now been so well-established that all I can really offer is a thumbs up from a very interested dilettante. In particular, I found the history of US shale industry and the cogent examination of the history of geopolitics surrounding the South China Sea to be the key pieces of genuinely new insight, which I had not experienced in other works before. Yergin examines the changing landscape with the collapse and bizarre reemergence of Russia, the ascendency of China, and the influence of new energy sources on this map with great context and historical understanding. One particular quote toward the end of the work was particularly enlightening, at least for me, as to the potential future workings of this map: "Markets will go in cycles. They always have, and oil exporters will face volatility, although what happened in 2020 was never anticipated. they may well have to live with periods of lower revenues, which will mean austerity and lower economic growth, with greater risk of turmoil and political instability. This emphasizes the need for these countries to address their over-reliance on oil. The overweening scale of domestic oil business crowds out entrepreneurship and other sectors in many oil-exporting countries; it can promote rent-seeking and corruptions. It also overvalues the exchange rate, hurting non-oil businesses. In the future, even with a rebound in prices, countries will need to manage oil revenues more prudently, with an eye on the longer term. That means more restrained budgeting and building up a sovereign wealth fund, which can invest outside the country and develop non-oil streams of revenues, helping to diversify the economy aand hedge against lower oil and gas prices."

  27. 4 out of 5

    Homero

    Yergin is an extraordinary storyteller and provides details and anecdotes of the sector which are difficult to find elsewhere. In spite of being a fantastic book I give it just 3-stars since it is oil and gas centred. So these two topics dominate the narrative and renewables seem to come as just contestants instead of having their own role. While this in part is true, within this narrative the role that renewables (wind, solar, and in part hydrogen) is focused on power. So, the main flaw of this Yergin is an extraordinary storyteller and provides details and anecdotes of the sector which are difficult to find elsewhere. In spite of being a fantastic book I give it just 3-stars since it is oil and gas centred. So these two topics dominate the narrative and renewables seem to come as just contestants instead of having their own role. While this in part is true, within this narrative the role that renewables (wind, solar, and in part hydrogen) is focused on power. So, the main flaw of this book is how poorly it reviews the electrification sector. This is more alarmingly evidenced by the fact that the book completely ignores hydropower and nuclear sources of energy. Globally the hydropower sector accounts for up to 20% of energy production (in some regions of the developing world it may reach up to 70%). Ignoring such important sources of energy, for me is quite critical. Then, since electrification and hydropower particularly are overlooked, so is the developing world where these two issues are pressing. The section where the developing world is discussed is rather vague as merely addressed from a light diagnostic of what is going on in India an by simply stating that the developing world needs energy. Within this new map of energy and geopolitics, I would have expected some chapters addressing the important investments that China is doing in the developing world in terms of hydropower sites. Again, ignoring this reality within China's ambitions (including the Belt Road Initiative) discussion is preoccupying. Instead the author decides to dedicate one chapter, within the China's section, to the history of containers (!). In line with this, the general narrative throughout the book is quite US-centred. Also, it is rather odd how other key region such as Europe is also left behind (just discussed within Russia's sphere). Lastly, I find that the climate section of the book is again very poorly introduced. Climate change is presented as just a fastidious whim of millennials and could be narrowed down to Greta Thunberg and GreenPeace activisms. The authors seems to forget that climate change is scientifically backed and specially the type of repercussions it has on the sector (apart from an energy transition perspective). For example, droughts are putting hydropower generation at risk which in turn drive the demand for oil (especially in China) or are leaving a range of stranded assets, storms and floods are disrupting supply chains of goods relevant for the energy sector, and others. Overall, I would just rename this book: The New Map: New perspectives for the oil and gas industry

  28. 5 out of 5

    Les Dart

    If you’ve been following foreign affairs for the last decade, there won’t be much to surprise you here. Likewise, if you’ve been following energy markets for the past decade, not a lot new here. The New Map’s major contribution is that it synthesizes international politics with energy policy and, the real value is Yergin provides relevant history to contextualize each. A guiding thesis unwritten in The New Map is the resurgence of the nation-state. Beginning chapters are organized by the major en If you’ve been following foreign affairs for the last decade, there won’t be much to surprise you here. Likewise, if you’ve been following energy markets for the past decade, not a lot new here. The New Map’s major contribution is that it synthesizes international politics with energy policy and, the real value is Yergin provides relevant history to contextualize each. A guiding thesis unwritten in The New Map is the resurgence of the nation-state. Beginning chapters are organized by the major energy players moving forward: USA, Russia, China, and the Middle East. Yergin’s chapters read much like long form essays one could find in an erudite financial mag. He’s a fine writer and knows when to sprinkle a good anecdote to sweeten the prose. Yergin presents historical events that have shaped the dynamics of global energy policy, such as the fall of the USSR and the Paris Accord. The most prescient portion of the book is the closing chapters that focus on disruptive trends that will impact the energy order: renewables, climate change policy, and social changes (ridesharing, work at home). Yergin makes a compelling case that rising global temperature can be mitigated and may not be the moonshot others portend. He also makes a compelling case that the market for fossil fuels will be strong going forward (coal excepted). I think there may be a couple of blindspots in Yergin’s assessments. I’m not convinced he grasps the disruptive potential of renewable energy and electric vehicles. Likewise, I’m not certain he grasps the complexity and effort necessary to reverse global temperatures. Finally, the timing of The New Map was quite unfortunate. The pandemic obviously upended many of the basic conclusions and Yergin does a patch job in each chapter to address the pandemic’s impact. Good for him to make the extra effort. This is an excellent survey of global affairs through the lens of energy policy.

  29. 5 out of 5

    Mike Parkes

    Energy and geopolitics have always been linked. “The New Map” explores the political ramifications of the changing oil/gas supply and demand balance. Unlike what we had thought ten or fifteen years ago, it now looks like “peak oil” is going to be driven by a peak in oil demand, not supply. There are a few factors at play. On the supply side, we’ve gotten more creative at finding more oil. The “shale gale” in the U.S., unlocked by the technological innovation in fracking and horizontal drilling, Energy and geopolitics have always been linked. “The New Map” explores the political ramifications of the changing oil/gas supply and demand balance. Unlike what we had thought ten or fifteen years ago, it now looks like “peak oil” is going to be driven by a peak in oil demand, not supply. There are a few factors at play. On the supply side, we’ve gotten more creative at finding more oil. The “shale gale” in the U.S., unlocked by the technological innovation in fracking and horizontal drilling, has essentially created a new amount of supply the equivalent of a major new oil-producing nation. Oil production over the past decade in the U.S. has doubled. On the demand side, climate considerations for lower-carbon energy and the rise of electric vehicles will shrink the market for oil and natural gas. The coronavirus is likely to throw an additional headwind (e.g., air travel) for some time. It can be debated just how quickly this energy transition will occur (Yergin is quite conservative and sees this taking many decades, with the oil industry still a very important, although reduced, player after 2050). The political implications of the loosening supply/demand balance are legion. The U.S. no longer needs to be so invested in the Middle East for energy security purposes. Russia will lose a lot of its power and leverage over Europe as alternative sources of natural gas (LNG) come to its doorstep. Petrostates in the Middle East face a tough road ahead and will need to modernize. This book tries to cover a lot of ground, perhaps too much. On the topic I knew most about (energy and climate), I found it a bit superficial. But stepping back and seeing all the threads together did provide a useful high-level perspective that brought some new insights.

  30. 4 out of 5

    Linnaea

    Not my favorite, at times I felt like it dragged a little. Having said that, the book was informative and made me rethink about what caused gas and electricity prices in the past 20 years. Yergin writes from a super probusiness viewpoint and that shows in some parts of the book (not mentioning Bismarck citizens being against the Dakota pipeline when it was upriver from their city, not completing Greta Thurnberg's quote "you have stolen my childhood..... and I am one of the lucky ones"). The book Not my favorite, at times I felt like it dragged a little. Having said that, the book was informative and made me rethink about what caused gas and electricity prices in the past 20 years. Yergin writes from a super probusiness viewpoint and that shows in some parts of the book (not mentioning Bismarck citizens being against the Dakota pipeline when it was upriver from their city, not completing Greta Thurnberg's quote "you have stolen my childhood..... and I am one of the lucky ones"). The book focuses mainly on US, China, Russia, and Saudi Arabia and will bounce between current events and history trying to explain how each country got to where it is now- I didn't find that too confusing, but if you don't already have some of that knowledge it may be difficult at points. I think there is a whole other book(s) in how developing nations are going to move forward with energy (moving away from coal, how individual families will be able to cook their food and heat their homes and the pollution issues with that) while being asked/forced to follow "green" technology and carbon emissions standards. Yergin covered parts of it, but I would like to read something more in depth in that area. All in all, I'm glad I read it and it has caused me to rethink some things and more importantly it causes me to look at news stories differently (so he did is job). Having said that, I think this book is more of a filler - deepens your knowledge in certain areas, such as energy and energy markets and how that can affect world politics and international relations- and not a book to start your knowledge.

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