Topics

A New Energy Third World in North America?

A New Energy Third World in North America?

2012-04-05
Source: Guernica

Related Tags:


How the big energy companies plan to turn the United States into a third-world petro-state.

 

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?

Once upon a time, the giant U.S. oil companies—Chevron, Exxon, Mobil, and Texaco—got their start in North America, launching an oil boom that lasted a century and made the U.S. the planet’s dominant energy producer. But most of those companies have long since turned elsewhere for new sources of oil.

Eager to escape ever-stronger environmental restrictions and dying oil fields at home, the energy giants were naturally drawn to the economically and environmentally wide-open producing areas of the Middle East, Africa, and Latin America—the Third World—where oil deposits were plentiful, governments compliant, and environmental regulations few or nonexistent.

Here, then, is the energy surprise of the twenty-first century: with operating conditions growing increasingly difficult in the global South, the major firms are now flocking back to North America. To exploit previously neglected reserves on this continent, however, Big Oil will have to overcome a host of regulatory and environmental obstacles. It will, in other words, have to use its version of deep-pocket persuasion to convert the United States into the functional equivalent of a Third World petro-state......






Popular Posts

Previous


  • 2013-05-16
    The Financialisation of H20: The Final Frontier of Bankster Capitalism


  • 2013-05-11
    Aikido Steven Seagal - The Path Beyond Thought


  • 2013-05-11
    2 Living ETs Working with US Government


  • 2013-05-12
    Top 5 Things You Should Know About Litecoin


  • 2013-05-11
    The Fascinating Life of An Orthodox Jewish Surfer
Next

Related Posts

Like us on Facebook

Elsewhere in DazeNews

Like us on Facebook
1 1 1 1 1 1 1 1 1 1
Copyright © 2012 Dazenews.com
Share