Tags: US | energy | foreign policy | oil

Experts: Boom in US Energy Production Gives Country More Global Influence

Tuesday, 02 Apr 2013 08:57 AM

By Dan Weil

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The explosion of oil and gas production in the United States offers the nation a stronger hand to play in foreign policy, experts say.

Some say we could achieve energy independence by the end of the decade, CNBC reports. And that’s all for the good.

"People are looking at the U.S. differently, seeing the U.S. as much more competitive in the world," energy analyst and author Dan Yergin tells the network.

Editor's Note:
 
'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

U.S. foreign policy already has gained one benefit from the increased energy production. It helps makes our sanctions against Iran effective, experts say.

U.S. oil production, together with increased exports from Iraq and Libya, have helped keep oil prices stable, despite the 1.5 million barrels a day of Iranian exports lost through the sanctions, Carlos Pascual, the State Department's coordinator for international energy affairs, said earlier this month at an energy conference, CNBC reports.

"What this has taught us, and helped underscore, is that within the world we live in today, hard security issues and energy policy issues have become fundamentally intertwined," he said.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) is likely to suffer the most in the long term from the increase in U.S. oil production, as its control over prices dwindles and prices themselves fall.

To be sure, some experts think strong Chinese economic growth will buoy oil prices.

"China's still growing, and that continues to be an underlying support factor long-term for the market,” Carl Larry, president of Oil Outlooks and Opinion in Houston, tells Reuters. “Whether they are at 6 percent or 7 percent, they are growing."

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

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