With huge hydrocarbon finds being unearthed in both conventional and unconventional sectors across the Americas, energy independence is being hyped to epic proportions in the United States. The scorecard now shows 6.5 trillion unconventional barrels of oil in the Americas, running from Canada all the way to Argentina, versus 1.2 trillion conventional barrels in the Middle East and North Africa. The U.S. and Brazil sit comfortably in the middle of the expected windfall, and even Mexico, long lost to the annals of hydrocarbon blunders, boasts major new unconventional reserves.
Given the awesome scale of these figures, it is hardly surprising that explosive geopolitical conclusions are being drawn: The U.S. can declare energy independence; import dependency is practically gone. The deficit can be fixed; dollars will stay in the U.S. rather than filling OPEC’s coffers. Oil will flow between the north and south rather than the east and west. It’s “American oil for American consumers at American prices,” and U.S. superpower status can be maintained far into the 22nd century. ...
To read the rest, sign up to try World Politics Review
Sign up for two weeks of free access with your credit card. Cancel any time during the free trial and you will be charged nothing.
Request a free trial for your office or school. Everyone at a given site can get access through our institutional subscriptions.
- Strategic Horizons: For Hint of Iraq’s Future, Take Another Look at Vietnam War
- World Citizen: BRICS Still Have a Long Way to Go From Grouping to Alliance
- Scandals Upend Bachelet’s Reform Agenda—and Chile’s Political Class
- Reality Check: The Real Iraq War Debate’s Lessons for U.S. Foreign Policy
- Latin America Weighs Risk and Rewards of Shale Revolution