And now the other shoe drops in Egypt, as power will no longer be in the hands of Hosni Mubarak.
The real question is who will lead Egypt now? What parties and voices will be heard as the nation revolutionizes itself? Depending on how the political power sorts out, there will be major implications for the United States. It was described best by a report in Garten Rothkopf, “The Egyptian crisis binds three key issues: Stability in the Middle East, commodity prices, and U.S. energy policy; all interconnected, and all susceptible to fast-paced changes.”
Whoever controls Egypt controls the Suez Canal. How the nation regulates, buys and sells its oil supplies will be open for debate. The word that keeps coming up is uncertainty. Uncertainty about energy costs, uncertainty about trade and shipping costs, and uncertainty about the diplomatic shpere.
This will mean some serious maneuvering on the part of the Obama administration. Not only is a post-Mubarak Egypt a foreign relations' challenge, it’s sure to become a domestic challenge as well. High prices at the pump have a way of firing up the electorate. From the "drill, baby, drill" and T-Boone Pickens crowd to the "let’s transition to renewables crowd," President Obama now has to navigate politics on two fronts. If you thank that’s a challenge, you should see what the next president of Egypt has to deal with.
What's your take on the situation? Let me know in the comments section below.