Lost amid all the controvery over NAFTA, TPP, Chinese tariffs and steel tariffs, and bilateral trade deficits is what will almost certainly have a far more significant and enduring impact on the global economy, on global security, on geo-politics, than any of these other critical issues on President Trump’s radar.
Oil.
The United States, which became a net exporter of gasoline and other petroleum fuels in 2011, is now growing its oil exports rapidly. That is thanks to hydraulic fracturing and an Obama-era change in U.S. policy to end a virtual embargo on oil exports that dated to the crippling 1970s Arab oil embargo.
