I am loving the way that US energy innovation is upending all of the assumptions held by both smug lefty academics and tinpot oil sheikhs. Now it turns out that Israel. Israel! May have natural gas reserves that are half of the US' and shale oil reserves equivalent to Saudi Arabia's reserves.
This is doubly good news at a time when Russia is using revenues from high oil prices to make its characteristic blundering, thuggish, drunken mischief around the world. Already facing new competition in gas exports, a $20 fall in per barrel prices and Russia, already shrinking and struggling will disappear without a trace as the Oligarchs try to keep the heat on.
Them Schumpeterian 'gales of creative destruction' be poundin' on them bad boys ain't they? Faster, please.
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