[Marxism] Oil

Louis Proyect lnp3 at panix.com
Wed Jul 16 11:55:18 MDT 2008


S. Artesian wrote:
> Perhaps of some interest: a view opposite that of JBF.
> 
> http://mrzine.monthlyreview.org/hossein-zadeh150708.html
> 

The article states:

"The answer, in a nutshell, is: war and geopolitical instability in oil 
markets.  Contrary to the claims of the champions of war and militarism, 
of the Wall Street speculators in energy markets, and of the proponents 
of Peak Oil, the current oil price shocks are caused largely by the 
destabilizing wars and political turbulences in the Middle East."

But this exactly the point made by Peak Oil theorists. They say that 
energy supplies will be forced to come from exactly those places that 
are described above as being under the sway of "political turbulences".

In 1970, 24 percent of the oil used in the US was imported.

In 1990, it was 42 percent.

Today, it is 70 percent.

Texas and Oklahoma used to be big suppliers of oil. Not any more. 
Getting oil from Nigeria or Iraq because these wells have dried up might 
"prove" the point that there is still a lot more oil, but not in the way 
that the imperialist system would prefer.

Just look at this chart of Texas oil to get an idea of what has changed 
here:

http://peakwatch.typepad.com/photos/research_images/texas_fields.jpg




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