The Geopolitics of Oil in an Era of Oversupply
February 11, 2015 Foreign Policy Round Table for Rising Philadelphians Sponsored by BNY Mellon Wealth Management Moderated by Ron Granieri Oil has been fuel and lubricant for international conflict ever since the development of the internal combustion engine, but recent technological developments have given oil an even greater geopolitical significance. For the past four decades, regimes from the Persian Gulf to Russia to Venezuela have used oil wealth to advance national and ideological agendas and to exert influence over the policies of industrialized nations, especially the United States. The emergence of Canadian Tar Sands as a major oil source and the fracking boom across North America, however, have upended traditional thinking about who produces oil, who imports it, and the political leverage that oil wealth can provide. Plentiful supplies and plummeting prices are a godsend for consumers, but a potential nightmare for societies dependent on oil revenue, with potential consequences for the global economy and balance of power that are still being calculated. Joining us for this edition of the Round Table are FPRI Senior Fellows Frank R. Gunter and Wojtek Wolfe, as well as Steven Kopits, Managing Director of Princeton Energy Advisors.
