For decades, haunted by fears of oil shortages, the United States made “energy independence” its goal. Today, with the nation poised to become the biggest oil and gas producer in the world, the administration has declared a new and bolder ambition: “energy dominance.” What that means exactly is still unclear. But if Washington hopes to use its new hydrocarbon bounty to throw its weight around in the world it will be disappointed, say energy experts. “There seems to be a desire to use energy as a geopolitical tool more aggressively,” suggests Meghan O’Sullivan, author of “Windfall,” a book about the blessings that America’s energy abundance has brought. “But global markets have a much bigger impact on geopolitics than policymakers do.” Big shifts in energy markets US deposits of shale oil and gas, newly reachable through fracking, have profoundly transformed those markets. Last November, US wells gushed more than 10 […]

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