VICTOR DAVIS HANSON: The Upending of Conventional Wisdom.

If the United States utilizes its resources, then its present pathologies — massive budget and trade deficits, mounting debt, strategic vulnerability — will start to subside. These new breakthroughs in petroleum engineering are largely American phenomena, reminding us that there is still something exceptional in the American experience that periodically offers the world cutting-edge technologies and protocols — such as those pioneered by Amazon, Apple, Google, Microsoft, Starbucks, and Walmart.

In comparison, China is not only resource-poor but politically impoverished. For decades we were told that Chinese totalitarianism, when mixed with laissez-faire capitalism, led to sparkling airports and bullet trains, while a litigious and indulgent America settled for a run-down LAX and creaking Amtrak relics. But the truth is that the Los Angeles airport will probably look modern sooner than the Chinese will hold open elections amid a transparent society — given that free markets did not make China democratic, only more contradictory.

Even more surreal, tiny oil-poor Israel, thanks to vast new offshore finds, has been reinvented as a potential energy giant in the Middle East. Such petrodollars will change Israel as they did the Persian Gulf countries, but with one major difference. Unlike Dubai or Kuwait, Israel is democratic, economically diverse, socially stable, and technologically sophisticated, suggesting the sudden windfall will not warp Israel in the manner it has traditional Arab autocracies, but will instead become a force multiplier of an already dynamic society. Will Europe still snub Israel when it has as much oil, gas, and money as an OPEC member in the Persian Gulf?

The bigger question is whether Israel will snub Europe.