The Economics Show Will energy security fears change the global energy market? With Daniel Yergin
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Apr 23, 2026 
Daniel Yergin, energy expert and S&P Global vice-chair, and author of The Prize and The New Map, breaks down the biggest recent energy shock and why markets understate shortages. He explores limits of renewables for liquid-fuel gaps, new supply diversifications, rising electricity demand from AI data centers, and China’s growing role in clean-tech supply chains.
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Historic Energy Shock With Hidden Regional Pain
- This is the biggest energy shock in history and yet prices don't fully reflect its severity.
- Daniel Yergin highlights differentiated impacts: Asia faces shortages and physical price spikes while US pump prices look muted due to different exposures.
Two Prices For Energy Financial Versus Physical
- Financial market prices and physical shortage prices have diverged, creating 'two prices' for energy.
- Yergin explains inventories are being drawn down so physical shortages will worsen even if financial markets stay calm.
Use Renewables As Energy Security Not Short Term Oil Fix
- Wind and solar won't solve short-term liquid-fuel shortages but are being reframed as energy security tools.
- Expect increased EV uptake and renewables pitched as sovereignty measures rather than solely climate fixes.
