The River

Wednesday, June 02, 2004

Resource War, pure and simple

The View from Hubert's Peak, The American Assembler
(excerpt)

The only certain beneficiaries of this coming economic chaos will be the big five oil corporations and their corrupt partners: the Nigerian generals, Saudi princes, Russian kleptocrats, and their ilk. Crude oil truly will become black gold.

The rising value of an increasingly scarce resource is a form of monopoly rent, and a future permanent crude-oil regime of $50 per barrel (or higher) would transfer at least $1 trillion per decade from consumers to oil producers. In plain English, this would be the greatest robbery by a rentier elite in world history. Someday, Enron may seem like the equivalent of a liquor store hold-up by comparison.

The oilmen in the White House, of course, have the best view of the lush terrain on the far side of Hubbert’s peak. No wonder, then, that a map of the ‘war against terrorism’ corresponds with such uncanny accuracy to the geography of oil fields and proposed pipelines. From Kazakhstan to Ecuador, American combat boots are sticky with oil.

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Comments:
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