How the Shale Boom Boosts American Power
Posted at 3:31 p.m. on Sept. 9
“The US shale boom has unlocked huge reserves of oil and gas, transforming the country’s energy industry and raising hopes that America can begin to disentangle its economy and its foreign policy from the messy politics of the Middle East,” according to the Financial Times.
“One direct benefit for the US…is that Russia is again prepared to open up to foreign oil companies… American gas diplomacy has scored one other notable success. Japan said in March it would enter negotiations over the proposed Trans-Pacific Partnership trade deal… US shale knowhow can also be a useful export.”
“While the trends and forecast look encouraging, the US is still the world’s largest or second-largest importer of oil… As recent weeks have shown, while US oil production can help moderate prices, it cannot control them. The private sector oil producers of America will never emulate the state-controlled industry of Saudi Arabia.