Semiconductors are ‘the new oil.’ That has major implications for business

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Daniel Yergin News

Taiwan Semiconductor Manufacturing Company,South Korea,The 20Th Century

Just as oil influenced momentous events of the 20th century, semiconductors are playing the same role.

, was oil. Since the century’s early years, he wrote, “Oil has meant mastery.” Those who had it or could get it ruled the world. It’s now increasingly clear that the prize of the 21Secretary of State Antony Blinken declared the new era in October 2022, just days after the federal government imposed historically broad controls on export of chips and chip-making equipment to China. “The post-Cold War world has come to an end,” he said.

That’s because China is America’s main adversary, and U.S. export controls aim primarily to hobble the Chinese military and parts of the economy. But the U.S. isn’t the only player in the game. Chipmaking requires many technologies that other countries—notably Germany, Japan, the Netherlands, South Korea, and Taiwan—can supply. If those countries sell their component technologies to China, U.S. sanctions could be nullified.

Daniel Yergin saw it coming. In 2008 he acknowledged that “as we look forward, it is clear that mastery will certainly come as much from a computer chip as from a barrel of oil.” In this century as in the one before, global geopolitics revolve around a quest for a prize.WILKES-BARRE, Pennsylvania - Republican Donald Trump and Democrat Kamala Harris will hold dueling campaign events this weekend in Pennsylvania, the political battleground that may be the most critical state in the Nov.

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