Asia & the Pacific

The subtitle tells the story. In the early 2000s, many pundits and politicians talked up “peak oil”, “energy scarcity,” and all that. In a geological heartbeat later—about a decade—the world had entered an era of “energy abundance,” largely due to innovations that allowed producers to crack into shale formations to release massive new sources of oil and gas. The United States has gone furthest and fastest in fracking and is setting records for oil and gas production. For the US, says O’Sullivan, this has been an economic, strategic, and environmental game-changer. For the rest of the world, the effects are more differentiated but hardly less profound.

The subtitle tells the story. In the early 2000s, many pundits and politicians talked up “peak oil,” “energy scarcity,” and all that. In a geological heartbeat later—about a decade—the world had entered an era of “energy abundance,” largely due to innovations that allowed producers to crack into shale formations to release massive new sources of oil and gas. The United States has gone furthest and fastest in fracking and is setting records for oil and gas production. For the US, says O’Sullivan, this has been an economic, strategic, and environmental game-changer. For the rest of the world, the effects are more differentiated but hardly less profound.

During the Trump administration, the usual ways of conducting diplomacy have been upended. Many positions in the State Department have never been filled, and meetings with foreign leaders such as Kim Jong-un and Vladimir Putin have been undertaken with little advance planning. What effect are these changes having now, and how will they affect ongoing relationships between the United States and its allies and adversaries?

In the post-9/11 era, Washington has waged innovative campaigns against terrorism finance, sanctions evasion, and money laundering. Leveraging America’s heavyweight status in the international financial system, the United States Treasury has isolated and bankrupted rogue regimes, global terrorists, and their enablers. As financial technology transforms global business, the traditional financial system faces new competition across a suite of offerings, ranging from brokerage services to peer to peer lending. In no area is this clearer than in mobile payments, where a global hegemon lies ready to exercise its weight, and it is not the United States.