Is shale oil “revolutionizing” the global oil market and the geopolitics of oil? If so, how? While two aspects of the shale boom—a new source of supply and a cause for the price collapse in 2014–2015—dominate the conventional wisdom, I argue that the most revolutionary change is the least understood aspect of shale oil—shale oil producers’ rise as new swing suppliers due to its unique extraction technique and cost structure Shale oil producers also differ from traditional swing producers in motives, contexts, and an amount of accessible excess capacity such that while shale oil lowers the medium-term price ceiling, it does not eliminate short-term price volatility By examining the geopolitics of oil since the advent of shale oil, I analyze how such new market realities have or have not altered the US foreign policy on issues involving possible oil supply disruptions, Saudi Arabia's long-held special status in US grand strategy, rationale for US withdrawal from the Persian Gulf, and the foreign policy of China, the largest oil importer today, and Russia, a major petrostate

中文翻译：

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摇摆的页岩：页岩油，全球石油市场和石油的地缘政治

页岩油是否正在“革命”全球石油市场和石油地缘政治？如果是这样，怎么办？尽管页岩热潮的两个方面（即2014-2015年的新供应来源和价格暴跌的原因）主导了传统观点，但我认为最具革命性的变化是对页岩油了解最少的方面，即页岩油生产商页岩油生产商在动机，环境和可利用的过剩产能方面也与传统的页岩生产商不同，因此页岩油降低了中期价格上限，自从页岩油问世以来，通过研究石油的地缘政治，无法消除短期的价格波动，