Daniel Yergin, one of the most influential commentators on energy, discussed the changing global energy landscape with Financial Women’s Association Delegation in Berlin. FWA Board Member Patti Domm of CNBC interviewed Mr Yergin, and led the Q&A for the Berlin Delegation.
Mr. Yergin, vice chairman of IHS also highlighted a new report by his firm on German competitiveness. Germany’s reliance on imported oil and gas and its costly renewables program has made it a less competitive manufacturer, according to the IHS report.
Germany’s rapid move to renewables proved to be more expensive than expected just a few years ago. “The assumptions behind the current energy was that prices would go higher and higher and the shale gas revolution has upended that view and made the U.S. more attractive as a place to manufacture,” Mr. Yergin said.
In its report, IHS suggests shale gas drilling, widely opposed in Europe, could be a potent source of energy if Germany chose to pursue potential fields.
Mr. Yergin said the debate about shale drilling in Europe is likely to heat up as has the discussion about gas and oil exports from the U.S. since the Russian invasion of Crimea. Mr. Yergin also discussed Russia’s role as a major supplier of oil and gas to Germany and the rest of Europe.
Mr. Yergin is the author of “The Quest: Energy Security and the Remaking of the Modern World,” and he won the Pulitzer Prize for his book, “The Prize.”