Jackie Northam

The recent oil and natural gas boom in the U.S. is paying major dividends for Washington's geopolitical clout. Thanks to hydraulic fracturing, the U.S. is awash in domestic energy, which is having a ripple effect globally.

If you want to gauge one effect of this newfound energy wealth, you don't have to look any further than the current crisis between Russia and Ukraine, says Michael Levi, a senior fellow for energy and the environment at the Council on Foreign Relations.

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DAVID GREENE, HOST:

Many European nations were searching for ways to cut back their reliance on Russian energy long before the crisis in Ukraine flared last month.

In 2006 and 2009, for example, the EU was rattled by the ease with which Moscow cut off gas supplies to Ukraine and other parts of Europe after disputes over cost and supply. The two-week standoff in 2009 left millions in Eastern Europe without heat in the middle of winter.

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