But it cannot
AMERICA HAS been a superpower for decades. As an energy superpower, however, it is not even an adolescent. As recently as 2015 it was illegal to export oil. Within ten years the shale boom has transformed it into the world’s biggest producer of crude. No longer must it tiptoe around regimes whose policies it detests but whose oil it craves. President Donald Trump touts an age of “energy dominance”. He has put its burgeoning energy prowess to the test with tough sanctions on Iran and Venezuela.
Mr Trump announced last May that America would impose sanctions on Iran and withdraw from the deal on international oversight of its nuclear capacity signed during Barack Obama’s presidency—the “worst deal ever”, as Mr Trump liked to call it. He urged the Organisation of Petroleum Exporting Countries , privately and on Twitter, to boost production to help restrain oil prices.
Sanctions on Iran and Venezuela have yet to produce the desired effect. Mr Maduro still clings to power. Iran has met none of Mr Trump’s demands. Its crude exports have fallen by about half since Mr Trump said America would withdraw from the nuclear deal last year, but they remained well above zero in March, at about 1.4m barrels a day, according to Kpler, a data firm . China, in particular, has continued to import Iranian oil. The announcement that waivers will expire seeks to change that.
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