Publication

The IEA's World Energy Outlook-WEO 2012 projects a significant geographical shift in hydrocarbon production due to the unconventional hydrocarbon revolution in North America. While not denying that the development of unconventional hydrocarbons constitutes a fundamental shift in the geopolitics of energy, this paper argues, first, that the geopolitical consequences of the US emergence as an unconventional energy power are being exaggerated and, secondly, that interdependence rather than independence will remain the name of the global energy game, especially in Europe.