The US is back in charge of the oil industry
The United States is getting sucked into a conflict in the Middle East, central banks are desperately trying to keep inflation under control and the world is facing an energy shock that may cripple the global economy. There are lots of ways the world looks very similar to the early 1970s. And yet, it is now clear that there is also one significant difference between now and then. Whereas half a century ago, the oil cartel OPEC was rising in power, with Tuesday’s shock decision by the United Arab Emirates to quit the group, it is clear that it is falling apart. In reality, the US is taking back control of the fossil fuel industry – and that is
