Blake Clayton

Adjunct Fellow for Energy


Energy markets, security, and policy; commodities markets; natural resource economics.


Roundtable Series on Energy and National Security


Blake Clayton is an equity analyst at Citigroup, where he covers oil and gas companies and energy master limited partnerships. He is an adjunct fellow at the Council on Foreign Relations. Dr. Clayton is the author of Market Madness: A Century of Oil Panics, Crises, and Crashes (Oxford University Press, 2015) and Commodity Markets and the Global Economy (Cambridge University Press, forthcoming in 2015). He received a doctorate from Oxford University, where he studied business economics and strategy. The recipient of the University of Chicago Endowed Fellowship, he holds dual master's degrees from the University of Chicago and Cambridge University.

All Publications


Weekend Reader: 'Market Madness: A Century of Oil Panics, Crises, and Crashes'

Author: Blake Clayton
The National Memo

In Market Madness: A Century of Oil Panics, Crises, and Crashes, stock analyst Blake C. Clayton tempers the craze surrounding oil exhaustion through a combination of historical investigation and sober, persuasive analysis. His book is a lucid, credible riposte to apocalyptic ravings about “peak oil.” Clayton examines how such panics have persisted through the decades, all unfounded, yet devastating to the market. Market Madness enjoins consumers, policymakers, and brokers to abstain from hysteria and remain informed about what the future of energy truly holds.

See more in Global; Oil


Market Madness

Author: Blake Clayton

CFR adjunct fellow Blake Clayton draws on a century's worth of statistical data to offer a revolutionary new look at volatility and crisis in oil markets. Clayton explores the conditions in which oil supply fears arise, gain popularity, and eventually wane, and demonstrates the significant effects these stories have on financial markets.

See more in Global; Financial Markets; Oil

Ask CFR Experts

With renewable energy sources in countries like Brazil and Bolivia, will U.S. energy policy shift toward South America?

Asked by Fagner Dantas, from Universidade Federal da Bahia

The global energy map is being redrawn at an accelerated pace. All signs point to the United States becoming part of an increasingly hemispheric energy trade, both for oil as well as for biofuels like ethanol. The Middle East will still loom large in U.S. energy policy given its crucial role in the world oil market, but U.S. energy officials and companies are forging deeper ties with their counterparts elsewhere in the Americas.

Read full answer

See more in United States; Energy Policy; Renewable Energy


The Surprising Sources of Oil’s Influence

Authors: Blake Clayton and Michael A. Levi
Survival: Global Politics and Strategy

Drawing on lessons from a Council on Foreign Relations workshop in January 2012, Blake Clayton and Michael A. Levi examine the connection between global oil markets and international relations, saying that in many cases the oil trade is politically consequential simply because policymakers believe that it is.

See more in Global; Business and Foreign Policy; Oil


Will Obama Pull the Trigger on the Strategic Petroleum Reserve?

Author: Blake Clayton
Forbes Online

In an article launching a new blog, "Risk and Return," Blake Clayton says that President Obama, having learned the hard way last year that a Strategic Petroleum Reserve release can't reliably lower oil prices for very long, is likely weighing the potential political costs of a release versus its possible economic benefits.

See more in United States; Oil; Energy Policy


CFR Events

Natural Capital: Are Resources Scarce or Sustainable?

Speakers: Blake Clayton, Fellow for Energy and National Security, Council on Foreign Relations, Geoffrey D. Dabelko, Director of Environmental Studies, Voinovich School of Leadership and Public Affairs, Ohio University; Senior Adviser, Environmental Change and Security Program, Woodrow Wilson International Center for Scholars, Greg Stone, Executive Vice President, Global Marine and Betty and Gordon Moore Center for Ecosystem Science and Economics, Conservation International
Presider: Juliet Eilperin, White House Correspondent; former Environmental Staff Writer, Washington Post
March 20, 2013 3:00–4:00 p.m. ()

This meeting is on the record.

Read ListenWatch

Energy Dependence

Speaker: Blake Clayton,

Fellow for Energy and National Security, Council on Foreign Relations

Moderator: Maria Casa,

Director, National Program & Outreach Administration, Council on Foreign Relations

April 25, 2012 12:00–1:00 p.m. () - (ET)

This meeting is on the record.