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Daniel Yergin – Oil Explains the Entire 20th Century
Dwarkesh Podcast
Embrace Change: Demand for Oil Becomes More Elastic
The oil and gas industry historically held a significant share of the stock market, yet its influence has shifted over time due to the emergence of new technologies and flexible work options. Currently, about 12 million jobs in the United States are tied to this industry. As remote work capabilities, such as video conferencing, become more common, the relationship between oil prices and demand may evolve. In the past, rising oil prices had little effect on commuting behaviors, but increased flexibility could lead to greater demand elasticity. Additionally, advancements in AI and computing may enable the consumption of energy in more efficient manners, impacting future demand dynamics.
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