Why Twenty-First Century Oil Will Break The Bank — And The Planet

A Tough-Oil World -- Michael Klare, LMD

Why twenty-first century oil will break the bank — and the planet.

Oil prices are now higher than they have ever been — except for a few frenzied moments before the global economic meltdown of 2008. Many immediate factors are contributing to this surge, including Iran’s threats to block oil shipping in the Persian Gulf, fears of a new Middle Eastern war, and turmoil in energy-rich Nigeria. Some of these pressures could ease in the months ahead, providing temporary relief at the gas pump. But the principal cause of higher prices — a fundamental shift in the structure of the oil industry — cannot be reversed, and so oil prices are destined to remain high for a long time to come.

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My Comment: I have also used the argument that there is a lot of oil in the world, but because of politics and costs .... not so ready available.

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