The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
East Africa is the global oil and gas industry’s hottest frontier. Barely a month goes by, it seems, without a major discovery in Mozambique, Tanzania, Uganda, or the eastern Democratic Republic of the Congo.
This new African windfall is hardly without precedent. Several west and central African states -- most notably Angola and Nigeria -- have already experienced petroleum booms of their own. Over the last decade, they benefited from a spectacular jump in oil prices, which rose from $22 per barrel in 2003 to $147 per barrel in 2008 and remained high, for the most part, until recently. The spoils were enormous: from 2002 to 2012, Angola’s GDP jumped from $11 billion to $114 billion and Nigeria’s went from $59 billion to $243 billion.
The opportunity afforded by this extraordinary decade was unprecedented and is unlikely to recur. Sadly, however, decision-makers have mostly squandered it. If the new east African producers are not to repeat the