Wednesday, February 24, 2016

Revising Mao: "Power Comes From An Oil Barrel"

2/22/16 Bloomberg:

The Trickle of U.S. Oil Exports Is Already Shifting Global Power

The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew she was sailing into history.

Inside the Panamax oil tanker was a cargo that some on Capitol Hill had dubbed “Liquid American Freedom” -- the first U.S. crude bound for overseas markets after Congress lifted the 40-year export ban.

It was a landmark moment for the beleaguered energy industry and one heavy with both symbolism and economic implications. The Theo T was ushering in a new era as it left the U.S. Gulf Coast bound for France.

If the Europeans and Chinese are going to be dependent on oil, why not American oil, instead of Saudi, Iranian, or Russian.  Which is why environmentalists have been so hostile to North American oil production.

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