Peak Oil News: All For Oil

Monday, November 29, 2004

All For Oil

There is a momentous, sinister development preoccupying the attention of those in power in Bush's government. Neocon unilateralism and multilateralist construction of coalitions of the willing are just two of differing tactical choices to confront an unprecedented challenge to the US, to American values and the American way of life.

The war on terrorism? No.

In reasoned analysis of America's place in the world, of the American empire and of the costs of empire, 9/11 was a bee sting: a mere three thousand people in one awful attack by a very small number of suicidal terrorists. Like the brutal beheadings now captured in gruesome video, terrorist retaliation should be a sadly expected but ultimately very minor impediment to the use of US power.

No, the momentous challenge facing the Bush Administration and America is the very real danger to the continuing supply of America's very lifeblood: oil.

Global oil production will peak (or has already possibly peaked) within several decades. Already, growing oil demand - from China and India especially, joining ever increasing American (20% of global demand) and other developed world usage - has created a very tight market with a doubling of price for benchmark crude oil. Some market analysts see US$100 oil in our immediate future and pessimists direly predict the mother of all depressions, a new dark age and even human die-off as we go over the cliff past Hubbert's Peak down the steep slopes of rapidly diminishing global oil production.

Oil at US$100 would be bad for business. This is a specter to chill an Administration trying to manage an indebted, precarious US economic hegemony based upon a very vulnerable dollar. This ominous scenario is potentially more devastating to Bush's America than a hundred 9/11s.


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