Daniel Yergin Talks to James Surowiecki About the Oil Industry

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CULVER CITY, CA - APRIL 25: Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considere

Conventional wisdom says that cheap oil helps stimulate the economy. But Daniel Yergin, who won the Pulitzer for his history of the oil industry, “The Prize,” tells The New Yorker’s James Surowiecki that the United States’ relationship to oil has grown much more complicated. As domestic production has risen with the advent of shale oil, the U.S. is now a major producer as well as a major consumer, and low prices run both ways.

Surowiecki's articles on economics for The New Yorker are here.