Dr. Daniel Yergin evaluates the motivation behind the G7 and US Treasury proposed price cap on Russian crude oil.
Prediction Not checkable as stated
Yergin: Russia will become China's dependent junior partner within four years
“Being cut off from technology will show up over three or four years, and it will have lost its most important market, so I don't think it's going to be an energy superpower in the way that it's been in the past, and it's going to be very dependent on China. An…”
Insight
Yergin: WTO consensus is over, replaced by US-China competition
“Well, that's gone. That is gone. It is now the era of great power competition, and that's the U.S. Versus China.”
Insight
Yergin: Historical energy price controls were completely counterproductive
“Well, I think the lessons of those price controls were that they were completely counterproductive. They did not send any message about demand, and they hindered the development of supply”
Prediction Not checkable as stated
Yergin: EV battery recycling will not supply enough minerals by 2035
“The issue is you won't have that many electric car batteries to recycle in the time frame because, you know, you're going, we're in twenty-twenty-two now, you know, going into twenty-twenty-three and you're looking at twenty-thirty-five. That's, 12 years.”
Opinion
Yergin: Putin operates like the CEO of Russian energy
“And one thing about Putin is that he really understands energy markets. Over the years, people have dealt with him, said it was like dealing, like, almost like the CEO of Russian Energy.”
Assertion Supported
Yergin: European wholesale power costs will exceed $1 trillion in 2022
“Typically, the European wholesale electric power costs are a hundred to hundred and fifty billion dollars. This year, they'll be over a trillion dollars.”