Oct
03

Power Diplomacy

In ’05, the US imported 60% of its oil; now it’s 42% and falling. This has had profound geopolitical impacts. The rise in US oil production since ’05 is roughly equal to what Iran was exporting prior to UN sanctions. Separately, as we export natural gas, Europe will become less dependent on Russia. Additionally, access to cheap American energy increases the appeal of concluding free-trade deals with the US.

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