The Geopolitics of Oil and Gas
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© THINKSTOCK - Seen from the Pacific Ocean, the world map shows the 21st century's two superpowers: the Unites States and China.
Efforts to combat require reducing the role of oil and gas in the global . Yet, these two fossil fuels remain central to global geopolitics and continue to serve as instruments of . They provide the backdrop for the intensifying rivalry between the United States and China, the war in Ukraine, and rising tensions in the Middle East. A new chapter is unfolding in an already long history.
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Redrawing the Map of the Energy World
Energy plays a unique role on the world stage, guaranteeing military strength, economic development, transportation of people and goods, and social well-being. The price of energy, and oil and gas in particular, is set by the global interplay of supply and demand. For many oil and gas producing nations, it has become such a vital part of their economy that it wields a decisive influence on politics. And in recent decades, people worldwide have woken up to the fact that energy also impacts another key issue: climate change.
Forty Years of Oil and Gas Geopolitics
The oil and gas markets are intrinsically linked to political and military developments worldwide, with trends influenced by such events as the wars in the Middle East, the Asian and subprime crises and political upheaval in oil and gas producing regions. The major milestones from 1973 to today are described below.
United States: The World’s Leading Oil and Gas Producer
The U.S. shale “revolution”, which began in the early 2000s, has seen the country become the leading producer of oil and gas in the world and an exporter of both resources, reducing its reliance on countries in the Middle East and strengthening its geopolitical position.
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