Sonntag, 25. Januar 2009

Summary of Pump Dreams, by John Cassidy

As the global demand for oil increases, the dependence of oil-importing nations on oil-exporting nations will increase correspondingly. The United States, having consumed roughly 20 million barrels of oil in 2003 is, according to its Department of Energy, likely to consume close to 30 million barrels a day by 2025. As its domestic reserves are drying up, its politicians become fountains of ideas, as to how America could reduce its dependence on foreign oil. According to the Department of Energy, by 2020, the Gulf countries will export close to two thirds of global oil, a volatile region, dependence on which may be a risky undertaking for the American economy. Two politicians, George W. Bush and John Kerry, have both put forward their ideas concerning this issue. While John Kerry addressed the problem of increasing demand by advocating conservation and the promotion of gas, coal, and alternative energies, President Bush preferred to secure supply by invading Irak in 2001. Unfortunately for Mr. Kerry, his plan did not manage to circumvent the obstacles posed by business interests and technological barriers. The American people preferred to spend their money on a war, as opposed to a direct reduction of their dependence on foreign oil. President Bush, fearful for the lifeline of the American economy, should Saddam Hussein possess weapons of mass destruction, decided to uproot Saddam to secure lower oil prices. His National Energy Policy, however, resulted in provoking the exact opposite. With the country on the verge of civil war and the region thrown into instability, investment from Western countries is highly unlikely. This means that the Gulf will most probably not be able to expand its capacity and will thus be unable to satisfy the growing demand.

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