|
Apr 05
2012
|
Big Energy Companies Plan to Turn the United States into a Third-World Petro-StatePosted by: Brett Ensor in Earth Violators Tagged in: world energy , third world , Texaco , oil giants , oil , Mobil , Fracking , Exxon , deep sea drilling , Chevron
|

The “curse” of oil wealth is a well-known phenomenon in Third World petro-states where millions of lives are wasted in poverty and the environment is ravaged, while tiny elites rake in the energy dollars and corruption rules the land. Recently, North America has been repeatedly hailed as the planet’s twenty-first-century “new Saudi Arabia” for “tough energy” -- deep-sea oil, Canadian tar sands, and fracked oil and natural gas. But here’s a question no one considers: Will the oil curse become as familiar on this continent in the wake of a new American energy rush as it is in Africa and elsewhere? Will North America, that is, become not just the next boom continent for energy bonanzas, but a new energy Third World?



















AS THE PRICE OF OIL roars above $100 per barrel and gasoline nears $4 per gallon, a cry for solutions understandably goes up. Higher gas prices amount to a regressive tax increase on the American consumer, with all that implies for the ability of the U.S. and global economies to sustain their fragile recovery. Some in Congress, citing the disruption of production in Libya, are asking President Obama to uncork the Strategic Petroleum Reserve, the government-owned emergency supply - currently 727 million barrels - that Congress established 36 years ago. Rep. Edward J. Markey (D-Mass.) says tapping the strategic reserve would "mitigate the runaway increase in prices [like] that we saw in the summer of 2008."