How desperately do we need a national energy policy?
What were the lessons learned and what has been applied?
The lesson is that research and development is not something you turn on and off every few years.
What about consumers? They want to consume the energy but they don't want the infrastructure.
People want the benefits of energy without understanding the investment that has to go with it. That's changed.
Energy infrastructure is also a controversial problem. The great lesson from the hurricanes of two Film Blowing Machine Screw years ago was the importance of the resiliency of our energy structure.
What are the major integrated oil companies doing in that regard?
BP is in a half billion-dollar partnership with the University of California to work on bio-fuels. This is part of the genius of America - innovation, doing things smarter in terms of what we build, what we live in, what we drive. You have to recognize we live in the real world and then address energy supply and innovation.
The other thing you have to keep in mind is the scale of it. At the same time supply-and-demand are being taxed like never before and there's growing concern about finding new reserves.S. New refineries, pipelines, generation, and transmission lines (enough to meet the increased need) are not being built, even as demand rises. I don't think you'll ever be able to write a constitution for energy. You have to think about what goes on in between.
What you have is that the large, existing companies - be they technology or energy - are spending on R&D.
You chaired a task force a decade ago. I think the other thing the public doesn't really see, for understandable reasons, is the scale and complexity of the system that supplies this energy. Yergin also serves as CNBC's global energy expert. A good example is offshore drilling in U.
Yergin, co-founder and chairman of the consulting firm Cambridge Energy Research Associates (CERA) recently shared his insights on the energy industry, consumption, and policy.
It is not like introducing iPods or YouTube in that you can change things quickly. We don't need a highly centralized approach. To me that is the punch line. Exxon Mobil spends a billion and a half dollars, depending on how you define it, on R&D a year. It is now becoming a big business. Is it going to be a cap system, a tax, or a combination of the two? That will be the debate over the next couple of years.
This scale of the thing is one of the least understood things of the whole picture and how interconnected we are with the global situation. There's a real focusing of research on energy at universities, like MIT and many others. In a way I think the terrible hurricanes of 2005 demonstrated what people didn't understand: how vast and complicated is the energy system, including the energy complex in the Gulf of Mexico, when electricity doesn't work, refineries don't work, gasoline doesn't get delivered. How realistic is that?
I think it highly realistic. Also, a more efficient transmission system allows you to more efficiently allocate your capital and decide what you build.
Yergin chronicled the history of the oil business in his Pulitzer Prize-winning non-fiction book The Prize: The Epic Quest for Oil, Money, and Power. Daniel Yergin has made a business of that as well as a public service. You need to be consistent and keep up the funding.
.
Is the infrastructure issue overlooked?
When we talk about energy security, we just talk about production or gasoline stations. You need a set of principles and a way of implementing them. The capabilities are so much greater than they were 30 years ago to drill in an environmentally sound way with a smaller footprint.
Do we need clear leadership on this issue?
One of the characteristics of the energy industry is that it is a long-term industry.S.
Describe the innovation that's taking place., it is further complicated. That's not what the public sees. Looking forward, the big frontier ahead is how you manage carbon. The potential for new domestic production is limited, oil refineries and natural gas facilities are not being built, and potentially rich areas are off limits to exploration and drilling, partly because of environmental concerns.
In a new study of ours, "Crossing The Divide," we're looking at all the renewable energies, and only some of them are close to being commercial and all mostly depend still on some kind of incentives or subsidies, but real progress is being made. The energy industry is pretty high tech.
You talk about energy efficiency. Innovation takes time to develop and unfold. of Energy's 1995 Task Force on Strategic Energy Research and Development.
New research and advice are needed. There's been a great bubbling of innovation.
Research institution budgets are going up.
Otherwise, you lose continuity and lose human capital.
In the U. Government budgets are going up. Shell is doing a lot. We're seeing more innovation than I have ever seen, in renewable or alternative energy, for instance. You can have wind grow very quickly and dramatically, but it is still a very small piece of the puzzle. I think the price of energy is a message and the message today is be more efficient. As consumption increases, even with growing conservation efforts, so do imports.
I think what we need is a national energy framework that puts the pieces together. It is an industry run by engineers and scientists. You went through a period when energy prices were low and there was the inevitable situation wherein budgets got cut in many companies, although not all of them.The traditional energy business is booming, with crude oil prices pushing $100 a barrel and gasoline pushing $4 a gallon. The entry of venture capital, which is spending several billion dollars a year on so-called clean tech, is important. That means people. The other thing is that there is a lot of focus on clean tech, renewables. The 1990 book was made into a PBS mini-series.
Is there a public perception problem then that energy companies are not doing enough?
People don't really understand. He chaired the Dept.
Would major energy companies support a carbon tax?
I think as a country, including the energy companies, we recognize we are going to move to some kind of carbon management system. We already have a host of policies of all kinds
The lesson is that research and development is not something you turn on and off every few years.
What about consumers? They want to consume the energy but they don't want the infrastructure.
People want the benefits of energy without understanding the investment that has to go with it. That's changed.
Energy infrastructure is also a controversial problem. The great lesson from the hurricanes of two Film Blowing Machine Screw years ago was the importance of the resiliency of our energy structure.
What are the major integrated oil companies doing in that regard?
BP is in a half billion-dollar partnership with the University of California to work on bio-fuels. This is part of the genius of America - innovation, doing things smarter in terms of what we build, what we live in, what we drive. You have to recognize we live in the real world and then address energy supply and innovation.
The other thing you have to keep in mind is the scale of it. At the same time supply-and-demand are being taxed like never before and there's growing concern about finding new reserves.S. New refineries, pipelines, generation, and transmission lines (enough to meet the increased need) are not being built, even as demand rises. I don't think you'll ever be able to write a constitution for energy. You have to think about what goes on in between.
What you have is that the large, existing companies - be they technology or energy - are spending on R&D.
You chaired a task force a decade ago. I think the other thing the public doesn't really see, for understandable reasons, is the scale and complexity of the system that supplies this energy. Yergin also serves as CNBC's global energy expert. A good example is offshore drilling in U.
Yergin, co-founder and chairman of the consulting firm Cambridge Energy Research Associates (CERA) recently shared his insights on the energy industry, consumption, and policy.
It is not like introducing iPods or YouTube in that you can change things quickly. We don't need a highly centralized approach. To me that is the punch line. Exxon Mobil spends a billion and a half dollars, depending on how you define it, on R&D a year. It is now becoming a big business. Is it going to be a cap system, a tax, or a combination of the two? That will be the debate over the next couple of years.
This scale of the thing is one of the least understood things of the whole picture and how interconnected we are with the global situation. There's a real focusing of research on energy at universities, like MIT and many others. In a way I think the terrible hurricanes of 2005 demonstrated what people didn't understand: how vast and complicated is the energy system, including the energy complex in the Gulf of Mexico, when electricity doesn't work, refineries don't work, gasoline doesn't get delivered. How realistic is that?
I think it highly realistic. Also, a more efficient transmission system allows you to more efficiently allocate your capital and decide what you build.
Yergin chronicled the history of the oil business in his Pulitzer Prize-winning non-fiction book The Prize: The Epic Quest for Oil, Money, and Power. Daniel Yergin has made a business of that as well as a public service. You need to be consistent and keep up the funding.
.
Is the infrastructure issue overlooked?
When we talk about energy security, we just talk about production or gasoline stations. You need a set of principles and a way of implementing them. The capabilities are so much greater than they were 30 years ago to drill in an environmentally sound way with a smaller footprint.
Do we need clear leadership on this issue?
One of the characteristics of the energy industry is that it is a long-term industry.S.
Describe the innovation that's taking place., it is further complicated. That's not what the public sees. Looking forward, the big frontier ahead is how you manage carbon. The potential for new domestic production is limited, oil refineries and natural gas facilities are not being built, and potentially rich areas are off limits to exploration and drilling, partly because of environmental concerns.
In a new study of ours, "Crossing The Divide," we're looking at all the renewable energies, and only some of them are close to being commercial and all mostly depend still on some kind of incentives or subsidies, but real progress is being made. The energy industry is pretty high tech.
You talk about energy efficiency. Innovation takes time to develop and unfold. of Energy's 1995 Task Force on Strategic Energy Research and Development.
New research and advice are needed. There's been a great bubbling of innovation.
Research institution budgets are going up.
Otherwise, you lose continuity and lose human capital.
In the U. Government budgets are going up. Shell is doing a lot. We're seeing more innovation than I have ever seen, in renewable or alternative energy, for instance. You can have wind grow very quickly and dramatically, but it is still a very small piece of the puzzle. I think the price of energy is a message and the message today is be more efficient. As consumption increases, even with growing conservation efforts, so do imports.
I think what we need is a national energy framework that puts the pieces together. It is an industry run by engineers and scientists. You went through a period when energy prices were low and there was the inevitable situation wherein budgets got cut in many companies, although not all of them.The traditional energy business is booming, with crude oil prices pushing $100 a barrel and gasoline pushing $4 a gallon. The entry of venture capital, which is spending several billion dollars a year on so-called clean tech, is important. That means people. The other thing is that there is a lot of focus on clean tech, renewables. The 1990 book was made into a PBS mini-series.
Is there a public perception problem then that energy companies are not doing enough?
People don't really understand. He chaired the Dept.
Would major energy companies support a carbon tax?
I think as a country, including the energy companies, we recognize we are going to move to some kind of carbon management system. We already have a host of policies of all kinds
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