The Daily Planet #62: Energy Sovereignty, Part 5. The Prize/Daniel Yergin

Today's Daily Planet is the first of two on the great chronicler of Energy politics: Daniel Yergin. First up, his book on oil.

Yergin offers a profound exploration of oil's pivotal role in shaping modern history, politics, and economics. The book reveals how oil has been the lifeblood of capitalism and industrial development, creating an indispensable dependency that fuels transportation, manufacturing, and food production worldwide. This dependency has woven oil deeply into the fabric of global power and national strategies, influencing foreign policies and international relations with far-reaching consequences.

The narrative traces the historical journey of oil, highlighting key figures such as John D. Rockefeller, the Nobel brothers, and Calouste Gulbenkian, whose shrewd dealings helped shape the early oil industry. It also touches on dramatic political episodes, including the nationalization of Iranian oil under Prime Minister Mohammed Mossadegh and the complex interplay between oil producers and consumers during crises like the 1973 Arab oil embargo. These events underscore oil's capacity to drive geopolitical tensions and economic upheaval.

The Prize emphasizes the paradox of oil's power: while it has generated immense wealth and military strength for some nations, it has also fostered instability and environmental degradation. The United States' early commitment to Saudi Arabia's defense exemplifies the strategic importance of oil-rich regions, yet this alliance also highlights the risks of over reliance on politically volatile areas. Despite the emergence of alternative energy sources, the article suggests that society remains deeply entrenched in a "Hydrocarbon Society," with oil continuing to dominate global affairs.

Ultimately, the piece calls attention to the arrogance and shortsightedness of the oil mentality, which has prioritized profits over regulation and conservation. It warns of the environmental and political costs of this dependency, urging a reconsideration of energy choices. The story of oil, as told here, is not just about a commodity but about the forces that have shaped the modern world and the urgent need to envision a more sustainable future.

The Stuff That Makes the World Go Round (Published 1990)

THE PRIZE The Epic Quest for Oil, Money, and Power. By Daniel Yergin. Illustrated. 910 pp. New York: Simon & Schuster. $24.95.