The American Petroleum Institute (API) successfully lobbied for an end to the 40-year ban on exporting U.S.-produced crude oil in part by making a geopolitical argument: Iran and Russia have the ability to export their oil, so why not unleash America?
Details are slowly emerging from the after-party at last month's St. Petersburg International Economic Forum, where executives of Exxon, BP of Britain and Total of France signed a raft of new oil exploration deals with Russian oil companies.
The crafting of Putin's new Euro-Asian vision -- in effect a new "Greater Russia" assembled from the remnants of the old Soviet Union in Central Asia and Europe -- has been greased by a pipeline delivery system under the Kremlin's control.
One of the responses of the Obama administration to the largest crisis in contemporary relations between Russia and the United States might be to curtail America's largest oil company Exxon Mobil from continuing its joint venture with Russia's largest oil company Rosneft.
Millions have been calling for a global sanctuary in the uninhabited area around the North Pole. Because we know that despite the big promises of being the best in the business, Shell was in fact putting the Arctic at risk every day it operated there.
With energy demand, predicted to rise 20% through 2025, National Oil Companies are poised to have even an greater impact on the global economy, and in shaping oil producing countries' foreign policies.
This week ExxonMobil scored a deal to explore for oil in the Russian Arctic Ocean, and in exchange, the Russian state-owned Rosneft apparently got the rights to the Gulf of Mexico. What is a win-win agreement for Exxon and Rosneft is a lose-lose for the rest of us.