The US oil boom will be used as a lever against “evil regimes” warned US Secretary of State Mike Pompeo in his speech to energy industry leaders from around the world during CERAWeek. “Some countries are using energy for malign ends rather than promoting prosperity as we do in the West,” declared Pompeo. “We're not just exporting American energy,” he continued, “we're exporting our commercial value system. The more we can export free enterprise, rule of law... and transparency, the more the US will be successful.” The head of US diplomacy therefore urged global oil companies to support President Donald Trump’s foreign policy agenda, encouraging Asia and Europe to buy American energy. “We need to roll up our sleeves and compete by facilitating investment, encouraging partners to buy from us and punishing bad actors,” insisted Pompeo. The US administration is tightening pressure on allies to buy US energy. “We don’t want our European allies hooked on Russian gas through the Nord Stream 2 project, any more than we ourselves want to be dependent on Venezuelan oil supplies,” Pompeo remarked, applauding the energy independence achieved by the US, which is set to become a net exporter of oil and gas.
“We’re committed to bringing Iranian crude oil exports to zero as quickly as market conditions will permit,” added Pompeo, quoting the sanctions imposed by the US, which have drastically reduced Tehran’s oil exports. As for renewing the exemptions granted to some countries, including Italy, who are allowed to buy Iranian crude, he reiterated that a decision will be made by May. The aim of the US is to make “significant” progress in the coming weeks in the Sunni alliance in the Middle East, supported by the US and led by Saudi Arabia, the United Arab Emirates and Kuwait, to counter Iran’s Shiite influence.
Pompeo attacked China for “blocking energy development in the South China Sea through coercive means,” preventing Southeast Asian countries from accessing more than $2.5 trillion of recoverable energy reserves.
The head of US diplomacy described “the invasion of Ukraine with the annexation of Crimea by Moscow” as an attempt to access the country’s gas and oil reserves.
The energy lever will also be used in the Venezuelan crisis, declared Pompeo, pointing the finger at the “Socialist” president Nicolas Maduro, who remains in power despite the US and another 50 countries recognizing the opposition leader Juan Guaidó as the head of State.
“For the rest of my life, the world will need oil and gas,” concluded Pompeo, “but we shouldn't forget the incredible growth in renewable energy.”