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Tuesday, January 11

THE OIL RESERVE FALLACY:

To Michael Moore and Linda McQuaig: wake up, it ain't about the crude, dude. I doubt that Saddam and the Saudis even have accurate data on their reserves. the Middle East is partly about oil, but let's not forget Israel and Opium as well. Since Afghanistan, the price of Heroin on the streets on the west coast of Canada has arguably plummeted.

Proven Reserves may not be an indicator of future supply. China is working on securing energy in places like Venezuela and Canada rather than focusing its efforts on the Middle East.


Proven reserves are nota measure of future supply

The Middle East does not have two thirds of world oil reserves, as the oil industry claims, but only two thirds of one type of reserve. According to the US Geological Survey, the Middle East has only half to one third of world oil reserves. There is a large supply of oil elsewhere in the world which is available at higher but affordable prices. The idea that only the Middle East has the key to the world's energy future is not true and is politically dangerous.



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