Respected oil prognosticator, Daniel Yergen, weighed in on February 15, 2022 with an opinion piece published by the Wall Street Journal on the U.S.’ ascendancy into a global O&G powerhouse. Yergen points out that power has shifted toward the U.S. in some ways due to the U.S.’ achievement of much more self-sufficiency in energy than was the case prior to the shale revolution. In particular, having grown into being the #1 producer of crude oil in the world, the U.S. is no longer as sensitive to the vagaries of odious regimes that control large reserves of oil (think Iran). Yergen lauds this emergence of the US-based oil industry and emphasizes that it has translated into a strengthened American ability to significantly diminish the leverage that is being exerted by Russia today in its powerplay to force Western Europe to helplessly stand by and watch the Russians annex Ukraine.
It is an article well worth reviewing.
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The opinions expressed above reflect only those of the author and do not represent those of the First Keystone Pecos Industrial Park organization. First Keystone welcomes responsible fact-based discourses on these topics.