Fracking changed the market but the Western Hemisphere is not dependent on it. There is enough oil and gas in the North and South American continents to last hu

Fracking changed the market but the Western Hemisphere is not dependent on it. There is enough oil and gas in the North and South American continents to last hundreds of years by all projections. What’s likely to happen is the global market will split into three regional markets: the Americas, Europe and Africa, and Russia and Asia. The US will recalibrate for more local feedstocks and very much continue business as usual. The other markets will realign producing regions and consuming regions along political lines and eventually get back to business as usual. The difference will be the prices in each region, which will go back to pre-globalization independent activity. Other than that, yes, renewables and other sources will see heavy investment, but they depend on raw materials that come primarily from unstable (or newly unstable) political regions. I’d say it very much remains to be seen how this affects prices between renewables and petroleum. What’s clear is that we are all heading into an “all of the above” energy policy regime that will no longer enjoy the perks and stability afforded by the global market.