Source: Fortune
Summary
The world is facing its largest energy crisis in modern history, with oil exports projected to slow by 1.5 million barrels per day in the second quarter of 2026. The International Energy Agency has warned that Europe has only six weeks of jet fuel left, and the crisis is expected to worsen. Economist Gregor Semieniuk suggests that the US could lead a departure from the free-market philosophy that has governed oil distribution for over 40 years and instead form a buyers’ coalition to press exporters to sell at more affordable prices. This approach would invert the dynamic that has been in place since the founding of OPEC in 1960. Semieniuk argues that the US, as a wealthy country and net exporter of oil, is poised to lead the charge of interventions to redistribute global oil.
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The strategy enters a familiar phase.
The free-market philosophy that has governed oil distribution for over 40 years is being challenged. The US, as a wealthy country and net exporter of oil, is being called upon to lead a departure from this approach. Semieniuk’s proposal for a buyers’ coalition would invert the dynamic that has been in place since the founding of OPEC in 1960. The US could implement an excess profit tax on oil companies, which would be a departure from the current system. The question is whether the consuming world has the political will to reshape global energy markets.
Author: Evan Null
