Opinion: Someone tell Trudeau: Energy is now about security — via fpcomment
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For three decades following the collapse of the Soviet Union, the world enjoyed dramatic economic growth and low. This rare combination was made possible by cheap micro-chips from China and affordable oil and natural gas from OPEC, Russia and Venezuela. But it all depended on a Pax Americana — the willingness of the United States to use its economic and military strength to ensure the free flow of these commodities on which the national security of the importing countries depended.
Notwithstanding their many differences and historical animosities, what holds the BRICS nations together is a desire to reduce what they see as the negative effects on their own economies of U.S. and G7 dominance. None supports the current U.S. sanctions on Russia. They blame the U.S. for restarting the Cold War and undermining the three decades of globalization that made possible their rapid economic growth.
China has emerged as the principal architect of this new “G7 of the East” . As the world’s largest importer of oil and gas, it has a keen interest in energy security. It was the first nation to purchase more oil from Russia after the U.S. and EU’s post-Ukraine sanctions and it has also struck energy deals with two other sanctioned countries, Iran and Venezuela. It clearly understands the truth of the old maxim of geopolitics: My enemy’s enemy is my friend.
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