The challenges and uncertainties facing the global energy system are at their greatest for almost 50 years.
bp’s Statistical Review of World Energy 2021 reveals that the growing shortages and increasing prices highlight the continuing importance of energy ‘security’ and ‘affordability’ alongside ‘lower carbon’ when addressing the energy trilemma.
Spencer Dale is bp’s chief economist. He manages bp’s global economics team, providing economic input into the firm’s commercial and strategic decisions. bp’s economics team also produces the annual Statistical Review of World Energy and the Energy Outlook.
Spencer Dale joined bp as group chief economist in October 2014. Prior to that, he was executive director for financial stability at the Bank of England and a member of the Financial Policy Committee. Between 2008 and 2014, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee. Spencer joined the Bank of England in 1989 and served in numerous roles, including private secretary to Mervyn King and head of economic forecasting. Spencer served as a senior advisor at the US Federal Reserve Board of Governors between 2006 and 2008.
He was educated at the University of Wales, gaining a BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England.