Rising Hegemon
So, on to a new "relatively" (hey, Chile) virginal continent:
BP has just released its annual Statistical Review of World Energy in which it claims that Venezuela now holds the largest proven oil reserves in the world, overtaking the original leader Saudi Arabia.
The South American nation’s oil deposits were increased from last year’s figure to an estimated at 296.5 billion barrels, more than Saudi Arabia’s 265.4 billion barrel
3 comments:
easier to hide than africa?
Well, it has been a hundred or so years since we created Panama!
Du duuun du dun
Panama!
Oh oh oh
Panama!
Saudi Arabia's estimates continue to be based upon what SA says they are, and their estimates are very likely jiggered to keep production high (OPEC allows production on a formula based on reserves--lower reserves means lower daily production, and therefore, less money), and there's no way that the King can keep peace among the 30,000-member royal family without maintaining their allowances, and no way to keep peace with the non-royal subjects without both an internal security police and infrastructure trinkets and make-work jobs, all of which costs money, too. As well, much of SA's known reserves are in heavy crude few countries want.
Similarly true of Venezuela--a substantial part of its reserves are in crude that's closer to tar sands bitumen than oil, and its extraction costs will be high.
All of which leads me to believe that the U.S. will continue to entrap much of Africa in its military web, if only because cheap oil is still to be had there, particularly on the west coast. Remember, the U.S. defends the profits of its oil companies, not their access to the product--with a fungible product such as oil, anyone can get access to it. Getting it at the cheapest price and on advantageous terms requires a military....
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