Geopolitical strategist Peter Zeihan largely concurs in a forthcoming book “The Accidental Superpower,” and actually goes further. A central theme in the book is that of America no longer feeling compelled to underpin many of the security and economic arrangements, such as the role of the U.S. Navy in backing free trade, that have characterized the international order since World War II. He writes:

“Everything that makes the global economy tick–from reliable access to global energy supplies to the ability to sell into the American market to the free movement of capital–is a direct outcome of the ongoing American commitment to Bretton Woods.”

Bretton Woods, NH, is shorthand for the postwar order put together under U.S. leadership at a conference in 1944.

If that era truly is ending, oil markets, along with much else, could well be in for a rough ride.