by Richard Fernandez
[PJMedia] Despite the huge sums of Russian money spent to discourage US domestic hydrocarbon production production, there's a glut on the oil market that is demolishing the ruble. The New York Times reports that the Kremlin bankrolled protests against fracking in Europe. Green was really Red.
Doesn't it always?
...But the Red/Green campaign availed not. Daniel Yergin writes in the Wall Street Journal that Putin is being crushed by politically incorrect America. "The decision by members of the Organization of the Petroleum Exporting Countries on Thursday not to cut production reflects a profound shift in the world oil market. The demand for oil -- by China and other emerging economies -- is no longer the dominant factor. Instead, the surge in U.S. oil production, bolstered by additional new supply from Canada, is decisive. This surge is on a scale that most oil exporters had not anticipated. The turmoil in prices, with spasmodic plunges over the past few days, will likely continue." Technological advances mean North American oil might be viable right down to $50 a barrel.
Which, IMO, means the end of Islam as a factor in World Politics
| From your keyboard to the ear of God, g(r)omgoru. |
| Oil was $10 a barrel a few decades back and Islam was a factor in World Politics, so don't get your hopes up... |
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