Thursday, 16 February 2012 19:47

Risks to Global Oil Supply Rival Late 1970s: Report

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They'll win that race soon enough. - Jenna Orkin

In January of 2002, almost ten years ago exactly, my newsletter From The Wilderness described the exact situation we find ourselves in -- as a planet -- today. As Dale Allen Pfeiffer so accurately foresaw, we are now living in a world in which OPEC is politically and economically dominant. It is not just Iran that must be recognized as having the clout to end economies, it is every OPEC member nation.

As of yesterday, with Iran's stated (and hastily retracted) announcement of a cessation of sales to the most crippled nations in Europe, the industrialized west is now in a beggar status when it comes to oil.  All of the lies about abiotic oil and all of the cooked books and pronouncements of great finds of "shale oil" and "heavy oil" (neither of which actually are oil) now lay bare and exposed for the world to see. For if all this energy abundance, so proclaimed by the liars and frauds like Daniel Yergin of CERA were true, we would see them being rolled out right now. There is no other time. There is no other place.

For the rest of my life I will mark Feb. 15, 2012 as the date on which western dominance of world affairs ended. All Iran, or for that matter any OPEC or other oil producing nation, has to do is just threaten to cut off oil supplies and obedience will follow. Those that have the oil now make the rules. -- MCR

CNBC article

 

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Last modified on Thursday, 16 February 2012 23:58

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