EIN News says, "Shell, Rosneft Discuss Arctic, Black Sea With Putin Deputy Royal Dutch Shell Plc, Europe's largest oil company, discussed possible projects to explore for oil and gas in Arctic and Black Sea waters with Russian Prime Minister Vladimir Putin's deputy in charge of energy. (bloomberg.com)".
They will find lots of oil and bring it to market. The EU will profit greatly. Energy prices for Western Europe will fall and the EU will be more competitive on the world market for all manufactured goods. Russia will become an economic powerhouse.
The United States will be sitting on its hands, unable to compete on manufacturing costs because of high energy cost related to the fact that US oil reserves were not developed. This will be the outgrowth of a government that has fostered alternate energy and denied local production of oil. This is on top of the negative attitude toward business in general.
When government makes fundamental errors in the philosophy of governing, all subjects suffer for many years to come. We have started ours.
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