Who could ever have believed that the United States would become energy independent?
Remember the President Carters's"sweater" addresses, and the lanes at the pump? Thanks to fracking and renewable energies, America has become a net exporter of oil.
Oil prices have plummeted with dire consequences, mostly for Russia, Venezuela and Iran.
The unhappy OPEC family looks more and more like a dystopian grouping from the past.
To the chagrin of other members, the Saudis let it be known that OPEC will not cut output, even at $20 a barrel. The Saudis are not going to give up their market-share for the sake of solidarity with the "losers."
As in other fields, the proof was given that innovative free-enterprise works! All this happens while the Keystone pipeline is awaiting a presidential decision. The project has lost urgency, given the fact that the United States has become energy independent. Nevertheless, a decision to go ahead would be welcome news, but I doubt that the President will give it a go. The pressure from the progressives and "greens" is not to be disregarded, and certain uncertainties remain, but one can also argue that a pipeline is more environmentally friendly than transport by rail or water.
The global world imbalances are too unpredictable to forgo an insurance policy. An alternative or safety complement to the existing "bonanza" should be considered, since the possible coming turmoil might be more of an apocalyptic nature than a predictable one. America has won the energy "battle" but the "war" continues!
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