Introduction -- The dark before the dawn -- An oil and gas renaissance -- Economic impact -- The demand side of the ledger -- Regional and sectoral effects -- Environmental costs and benefits -- Trade policy considerations -- Conclusions

This paper discusses the salient features of recent developments and outlines the prospects for trade policy by highlighting the main issues that will determine the scope and timing of liberalization under a possible new General Agreement on Tariffs and Trade (GATT) round of multilateral trade...