U.S. oil’s global influence wanes

Though the United States is still the world’s leading oil consumer, its might in the global petroleum business is dwindling.

Developing countries are locking up a bigger share of the world’s oil and gas resources to profit from high prices and fuel industrial growth.
Some experts view the shift as an emerging threat to the U.S. economy, while others see benefits for consumers and say that an expanding list of suppliers diminishes the impact of any single disruption.

Still others see the shift simply as a reflection of globalization, whereby emerging economies lean on rising financial strength and technological know-how to become tougher competitors.

New research by investment bank Goldman Sachs suggests four countries in particular — Brazil, Russia, India and China — are grabbing the most market share from American companies.

The four’s share of the industry’s market value has grown from virtually nothing 15 years ago to more than one third today, while American companies’ stake has dwindled from more than half to less than a third.

Detroit Free Press