Dramatic Shift in Energy Production Upsets Current World Order
The world’s energy supply matrix is changing
Russian President Vladimir Putin (R) shakes hands with his Turkish counterpart Tayyip Erdogan during a meeting in Sochi, Russia on May 3, 2017. Both could be the losing parties in the new energy world order.REUTERS/Alexander Zemlianichenko/Pool
The old energy order is changing rapidly, and with it, new challenges are emerging. Improved extraction technologies and new oil field discoveries continue to expand crude oil and natural gas production possibilities around the world.
This fundamental supply shift in the world’s most critical resource represents enormous opportunities for some nations, while posing threats to others.
A Westward Shift
The changes in the global energy sector are interesting for everyone, whether they bear good news or bad. After many decades of the Organization of the Petroleum Exporting Countries (OPEC) controlling the world’s energy prices and supplies—specifically crude oil and natural gas—new and plentiful sources have been found and are being developed in the West.
James Gorrie
Author
James R. Gorrie is the author of “The China Crisis” (Wiley, 2013) and writes on his blog, TheBananaRepublican.com. He is based in Southern California.
