2017-03-12

"'The twilight of Saudi oil dominance has arrived."

Belmont Club:
Just as the US won the Cold War not because federal government agencies outwitted the Reds but because American society out-competed the Soviets, the frackers may have bankrupted the Sunni Jihad.  But in doing so the oil men have created a potential power vacuum even bigger than which resulted from the Arab Spring.  Technology often creates new power relationships which officials only belatedly respond to.  The consequences of American oil power have not yet been fully assimilated by the political system. Turmoil in the Kingdom and the Gulf might trigger a tragedy that would make events in Syria and Libya seem trivial by comparison. ...