Introduction

Since 1973, gas has substantially increased its share of primary energy consumption, a fact which is widely understood. What is not so widely understood is that the major energy importing nations, especially the US and China, have increased the proportion of their gas and other primary energy imports even faster. In other words, energy trade has 'gone global', causing most energy importing nations (including the US) to be relatively far more vulnerable to energy supply disruptions than they were at the beginning of the period. Despite energy markets having become ...