
Bloomberg Opinion Helen Thompson on the New World Disorder
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Jul 8, 2022 Helen Thompson, a political economist at Cambridge University and author of 'Disorder: Hard Times in the 21st Century', dives deep into the complexities of global energy and democracy. She discusses how the US shale boom reshaped Middle Eastern alliances, the geopolitical rivalry between major powers, and Europe’s gas dilemma amid rising tensions. Thompson also highlights the fragility of democracies, particularly the erosion of 'losers' consent' in the U.S., and examines the structural forces driving current political shocks.
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Energy Constraints Are Broader Than Oil
- The world economy now hits high energy prices across oil, gas and coal when growth occurs.
- High coal prices reveal deeper, unexpected strain on global energy supply chains.
Shale Boom Rewrote Middle East Power
- The US shale boom reshaped Middle East dynamics and weakened US-Saudi leverage.
- Reduced US dependence on Middle Eastern oil produced geopolitical fragmentation and rivalry.
China Acts As An Active Energy Player
- Energy competition now includes producers and a strategic Chinese consumer that stockpiles to influence prices.
- China refuses to be a passive buyer and reshapes global oil and gas dynamics.



