DUBAI: In the oil city of Houston, Texas, in March 2019, US Secretary of State Mike Pompeo was in backslapping mood.
Addressing the annual CERAWeek gathering of energy experts, the “oil man’s Davos,” he milked the applause for America’s resurgence in the global oil business, which later that year would see the US become the biggest producer, a major exporter, and self-sufficient in oil for the first time since the 1970s.
“Come follow America’s energy blueprint,” he said, to enthusiastic approval.
Now, that blueprint is being ripped to shreds. American oil, judging by the market carnage this week, is effectively bust.
The brief era of US dominance of global energy markets is over for the foreseeable future.