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Energy: Daniel Yergin's Outlook
CNBC.com | March 05, 2012 | 02:41 PM EST

Fears are growing that rising gasoline prices could stifle economic recovery.

Those rising gasoline prices are becoming the subject of hot political debate in a presidential election year. Geopolitics is behind the rising prices, most noticeably due to the increasing tensions over Iran’s nuclear program .

But amidst this uncertainty, there are also signs of a transformation, as a mix of new technologies, innovation and public policy are unlocking vast sources of energy that were unthinkable just years before.

Just how this new energy era will take shape will be the focus this week as more than 2,000 participants from more than 50 countries convene in Houston for the 31st annual CERAWeek energy conference .

This year’s conference is called The Quest, for it is about the efforts to deliver the energy supplies needed by a growing world, meet environmental objectives, assure the security of energy in the face of a variety of threats and contribute to economic recovery.

Among the transformative developments taking shape is the rebalancing of global oil supply. New sources of oil in North and South America are redrawing the world oil map and will change the flow of the world petroleum trade.

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