Handbook of the International Political Economy of Energy and Natural Resources
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Handbook of the International Political Economy of Energy and Natural Resources

Edited by Andreas Goldthau, Michael F. Keating and Caroline Kuzemko

This Handbook offers a comprehensive overview of the latest research from leading scholars on the international political economy of energy and resources. Highlighting the important conceptual and empirical themes, the chapters study all levels of governance, from global to local, and explore the wide range of issues emerging in a changing political and economic environment.
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Chapter 10: The new international political economy of natural gas

Tim Boersma and Akos Losz

Abstract

This chapter offers a comprehensive assessment of the rapidly changing international political economy (IPE) of natural gas. On the one hand, the shale revolution puts an end to previous notions of resource scarcity, while liquefied natural gas (LNG) trade increasingly connects regional gas markets and international pricing patterns are increasingly reflective of market fundamentals. On the other hand, most investments in new energy sources flow to renewable technologies. The chapter explores what this paradigm shift means for markets, states, and the power dynamics between established and new players in the emerging natural gas landscape. It finds that with the coming-of-age of natural gas, American LNG will increasingly challenge the market power of established players such as Russia and Qatar. At the same time, the chapter argues, the climate regime, national politics and infrastructure bottlenecks render the role of gas in the future energy system highly uncertain.

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