Alex K.

“In August 1946, exactly one year after the end of World War II, a tanker sailed into the port of Philadelphia laden with 115,000 barrels of oil for delivery to a local refinery. The cargo, loaded a month earlier in Kuwait, was described at the time as the first significant “shipment of Middle East oil to the United States.” Two years later, Saudi oil was imported for the first time, in order, said the U.S. buyer, “to meet the demand for petroleum products in the United States.”1 That year—1948—marked an historic turning point. The United States had not only been a net exporter of oil, but for many years the world’s largest exporter, by far. Six out of every seven barrels of oil used by the Allies during World War II came from the United States. But now the country was becoming a net importer of oil. By the late 1940s, with a postwar economic boom and car-dependent suburbs spreading out, domestic oil consumption was outrunning domestic supplies.”
― Daniel Yergin, The New Map: Energy, Climate, and the Clash of Nations

“The first energy transition began in Britain in the thirteenth century with the shift from wood to coal. Rising populations and destruction of forests made wood scarce and expensive, and coal came to be used for heating in London, despite fumes and smell.”
― Daniel Yergin, The New Map: Energy, Climate, and the Clash of Nations

“What, then, is the future of the $5 trillion global oil and gas industry that supplies almost 60 percent of world energy? The industry will continue to need to find and develop another three to five billion barrels a year just to make up for the natural decline in oil fields, which happens after a field has been in production for some time. The International Energy Agency estimates that over $20 trillion of investment in oil and gas development will be required over the next two decades.”
― Daniel Yergin, The New Map: Energy, Climate, and the Clash of Nations

“Here is where the electric car can gain traction. While an electric car may cost more, its operating costs will be lower because the costs of electricity per mile will be lower than that for gasoline (unless internal combustion engines become much more efficient). So if you’re running a massive fleet of cars that is working most of the time, the electric car becomes compelling. Moreover, the recharging conundrum can be solved with a central charging location.”
― Daniel Yergin, The New Map: Energy, Climate, and the Clash of Nations