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The energy shell game – LNG, oil markets, and a new geopolitical order

The Iranian flashpoint did more than test missiles and guidance systems. It accelerated a deeper reconfiguration of global energy flows, where liquefied natural gas (LNG) from the United States has quietly displaced Russian pipeline gas in Europe, oil sanctions have reshaped buyer alliances, and control over both hydrocarbons and critical minerals has become the scaffolding for an emerging order. I suggest this is the largest externality shell game since carbon credits. The public narrative spun up and sold celebrates the expected checkboxes od “energy security” and, strangely, “decarbonization”. The balance sheet, however, reveals a deliberate financial and strategic redesign. U.S.…

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