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Considerations for the Treatment of Energy in TTIP (PDF)
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While the negotiations between the United States and the European Union for the Transatlantic Trade and Investment Partnership (TTIP) have not received as much US press attention as the proposed US-Pacific basin TransPacific Partnership (TTP) has, the two deals are of a similar magnitude and importance in terms of total global GDP and trade potentially at issue.
One key issue that has emerged from the TTIP negotiations is a disagreement over whether to include a separate chapter on energy. The European Union favors such a chapter, in hopes it would help it secure access to increasing production of US oil and natural gas and potentially serve as a set of model trade-in-energy provisions that would help in negotiations with other countries, particularly those to its East. Highly dependent on Russian oil and natural gas, the EU has been looking for ways to diversify its supply base. The United States has not outright opposed such a chapter, but has indicated skepticism that it is necessary.
The dynamics of the negotiation put both sides in potential unusual positions. The United States, long a champion of removing export barriers in energy goods and of the European Union diversifying its energy supplies, has to wrestle with restrictions on crude oil exports and the potential strong domestic political opposition to relaxing them. The European Union, which supports alternative energy sources and reducing fossil fuel consumption, faces becoming entangled in the environmental controversies around the rapidly expanding oil and gas production in North America – including hydraulic fracturing and the exploitation of the Canadian oil sands. This paper provides background on how the existing global and regional trade regime applies to energy for policy-makers and TTIP negotiators.
The key findings are below and the full paper can be downloaded here (PDF).
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Key Findings
Last week's summit between US President Trump and Chinese President Xi was the second meeting between the two leaders since the US and Israel attacked Iran.
In this edition of Global Institute Dialogues Jason Bordoff discusses how the Iran crisis, China’s electrification strategy, and the US shale revolution have changed energy geopolitics.
As inventories run dry and the Iran war continues to disrupt transit routes, oil has surged back to more than $100 per barrel. Diesel fuel—the workhorse of the agricultural and trucking sectors—has now soared to historic highs, pushing U.S. exports to record levels.
Full report
Report by • September 10, 2015