Conventional wisdom says that cheap oil helps stimulate the economy. But Daniel Yergin, who won the Pulitzer for his history of the oil industry, “The Prize,” tells The New Yorker’s James Surowiecki that the United States’ relationship to oil has grown much more complicated. As domestic production has risen with the advent of shale oil, the U.S. is now a major producer as well as a major consumer, and low prices run both ways.
Surowiecki's articles on economics for The New Yorker are here.
