New World Oil Order

The Asia Times has a two part article that discusses in some detail the moves that Russia is making to change the rules of the energy game. The status quo, that of liberal energy markets denominated in dollars is giving way under Putin's guidance to bilateral long-term deals, denominated in other currencies. Read the whole thing:

Part I

Part II

Cheney's strategy of opening up the Central Asian countries to the US style of oil development by the big oil companies, while placing bases there to maintain control, was formulated to counter this tendency, so was the war in Iraq. The failure is shocking and net. The US is going to start suffering economically in the near term, in my opinion.