The world’s only superpower used to have an Achilles’ heel: it imported much more oil than it produced, weakening its hand in foreign policy. The Permian has changed the game.
“The vulnerability has been greatly ameliorated because of the vast production and expected further output from the Permian, which is now critical to US foreign policy,” Amy Jaffe, senior fellow for energy and the environment at the Council on Foreign Relations, a think tank, said. “From a power standpoint, this can only be a good thing for the US and its allies, including the UK.”
Saudi Arabia, not long ago the world’s top oil producer by some distance, has been forced to overhaul its economy to ensure that it is less reliant on oil profits
