The geography of energy is shifting. At one time, when policy oil industry executives and policy makers spoke of the Gulf, they were invariably speaking of the Persian Gulf.
Today, they’re talking about the Gulf of Mexico.
Texas and the U.S. Gulf Coast have become the new Middle East, a center of energy production and exports that is having outsized influence on the global oil markets. As the International Energy Agency concluded in its five year forecast for of the world’s oil industry, the United States, led by Texas, will dominate the growth of production and exports in coming years.