The Geopolitics of Cheap Oil

Abstract

In the late 2000s, oil prices seemed poised for a permanent increase. Commentators lamented the end of “cheap oil” and predicted intensifying competition over the world’s dwindling petroleum supplies. However, when oil prices crashed at the end of 2014, the international energy landscape changed dramatically. Suddenly, oil-exporting and importing countries were faced with an oil glut. This talk explains why the price crash occurred and explores its geopolitical implications. In particular, it examines how oil-exporting countries are responding to their growing financial crises and how these responses could impact energy and political security in the United States.