I was recently fortunate enough to have a piece I wrote on how low oil prices have been affecting United States strategic interests abroad published by my home state of Oklahoma’s NonDoc:
With oil prices below $30 a barrel and Chesapeake Energy stock below $2 a share, it is no secret that Oklahoma is hurting. Low prices at the pump are a poor consolation prize for lay-offs, a massive $901 million (and growing) state-budget shortfall, and struggling rural towns. Yet it is not just Oklahoma’s economy that is intrinsically tied to the price of oil. Countries important to the global security apparatus like Russia, Iraq and Saudi Arabia have similarly undiversified economies. Low oil prices even impact hostile non-state actors such as Islamic State (also known as ISIS and ISIL).
Much like Oklahoma, when oil-producing nations face low prices, budgets fall apart, services are cut, citizens become dissatisfied, and leaders look for ways to distract their population while they fumble for solutions. The following are snapshots of how an oil bust affects other parts of the world and, indirectly, the United States.
Read the rest: U.S. Allies, Enemies Also Reeling from Low Oil Prices