A fundamental question faces the U.S.: Is our vision of the future “Made in America” or “Saudi America"? Does the U.S. want to reclaim its value-added manufacturing economy, or become an extractive petro-state? Will the U.S. produce cars and the fuels to power them, or keep importing both foreign cars and refined fuels even as we export cheap domestic oil and natural gas?
Alaskan coastal drilling by oil companies including ConocoPhillips and Royal Dutch Shell Plc may be further delayed after a federal appeals court ruled the government acted illegally in opening almost 30 million acres on the continental shelf to energy exploration.
As Barack Obama and Vladimir Putin argue over human rights in Russia and the fate of fugitive U.S. intelligence analyst Edward Snowden, the countries’ biggest oil companies are preparing to drill for giant discoveries together in the Arctic Ocean.