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On February 28, the US and Israel launched new attacks on Iran targeting primarily the country's leadership, security forces, and missile program.
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The global order that shaped the past several decades is giving way to a more fragmented and uncertain world. Long-standing alliances are under strain, economic integration is giving...
Non-Resident Fellow
Until the end of 2025, Spencer Dale was bp’s Chief Economist and senior vice president economic and energy insights. In that role, Spencer was responsible for advising bp’s board and leadership team on the global energy system and the energy transition. Spencer managed bp’s Economics and Energy Insights Team which produces bp’s Energy Outlook.
Spencer joined bp as group Chief Economist in October 2014. Prior to that, he was the 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.
Spencer 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.
The oil shock triggered by the crisis in the Persian Gulf has pushed crude above $100 per barrel, reviving familiar fears of economic turmoil in the United States driven by surging gasoline and diesel prices.
