"Give me more oil or I'll hold my breath", a new school of American foreign policy is growing
/ how to generate Onionnesque headlines - for real /
On the heels of US presidential candidate Clinton's pledges to smash OPEC in a confident if utterly vague and unspecified way, reaching the "hollow threat" concept to unprecedented heights, the US congress has one-upped her, passing a bill to sue OPEC over oil prices, under US law, a move that even the hypertrophic jurisdiction cheerleaders in the current White House think is a bad idea. Ignore that in the current price range most oil producers are producing at near capacity. Notice however that the implementation of their proposals can only be established militarily and would certainly destroy supply along with demand (demand destruction in the form of mountains dead people, I mean to imply), to reach an uncertain final balance.
Meanwhile, back in reality, the International Energy Agency (hardly an alarmist institution, one is obliged to notice), flinches, as it is...:
...preparing a sharp downward revision of its oil-supply forecast, a shift that reflects deepening pessimism over whether oil companies can keep abreast of booming demand.
The Paris-based International Energy Agency is in the middle of its first attempt to comprehensively assess the condition of the world's top 400 oil fields. Its findings won't be released until November, but the bottom line is already clear: Future crude supplies could be far tighter than previously thought...
We're heading to a broad acknowledgment of the reality of Peak Oil, it seems, albeit obliquely, and a wide range of experts are predicting rough but promising to scary times, the last link being about the latest predictions of the man who wrote the Hirsch Report. Our world is about to be not very subtly transformed it seems.
This post came about through the utilization of this Eurotrib Diary, a website where peak-oilers (and other commie pinkos such as myself) abound. For a more dedicated peak-oil hub, check out The Oil Drum.