Geopolitical challenges of Covid-19 and oil price plunge

Interesting insights and analyses by Meghan O'Sullivan for Bloomberg:

"As history has shown, a big change in energy markets often precipitates a big change in geopolitics. For instance, the shift from coal to oil catapulted Middle Eastern countries to strategic significance. And the recent technology-driven boom in shale oil elevated the United States to net oil exporter status, changing its outlook on the importance of oil in global affairs. We now face a disruption of such proportions that it, too, will reorder some power relationships.

Right now, the focus in Washington is on how to save the U.S. oil industry, much of which is under enormous pressure given the drop in prices. While this is understandable and necessary, Washington needs to make room on its list of priorities for a number of strategic shifts that the crisis has created. For starters, policy makers should consider four challenges and opportunities that are already manifest."

You can read the rest of the piece via the below link:

https://www.bloomberg.com/opinion/articles/2020-04-29/covid-19-oil-collapse-is-geopolitical-reset-in-disguise