How an Energy Expert Triggered Vladimir Putin With One Word
Understandably, Putin gets irked by the s word. Putin sure is ruthless and brutal but he is, first of all, a pragmatic man and he knows quite well that shale is going to destroy Russia’s overseas oil and gas markets. Russia needs those exports or better said, it needs the income it gets from those resources. But Russian oil and gas reserves get harder to develop and hence more expensive. And shale has never stopped innovating which means it gets cheaper. It does not take a wizard to know where this is going to lead, especially when one knows that your own shale fields are very, very hard to develop.
Daniel Yergin was at the St. Petersburg International Economic Forum in 2013 when he got a daunting request: Could he pose the first question from the audience to Vladimir Putin?