An important development in the geopolitics of oil has largely escaped notice where it should be big news: in the US. Oil-exporting countries for many years have been calling for cooperation between themselves and major importers. Progress is evident. But little has been said about it in the world’s largest energy consumer.Traditional arguments against cooperation, most of them based on righteous allegiance to market ideology, are losing their bite. Governments own most of the world’s oil reserves. National oil companies compete for investment opportunities, in their home countries and abroad, from positions of growing strength and sophistication. Private and political interes...