Economics
From Pawn to King: How the Permian Changed Oil's Game of Thrones
- Giant oil patch is giving U.S. newfound clout in crude market
- U.S. has isolated Venezuela, Iran without economic blowback
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When President Donald Trump talks about U.S. energy dominance or tweets about Iranian sanctions, it’s underpinned by a startling American achievement: The global emergence of the Permian Basin.
The giant oil patch in West Texas and Southeast New Mexico has given the U.S. the kind of leverage it could only dream of just a few years ago, enabling it to implement a full-blown ban on Iranian crude without fear of oil spiking higher. Four decades after the Islamic Revolution saw prices triple, the White House has been able to isolate two of OPEC’s five founding members, Venezuela and Iran, without disrupting its own economy.