The graph above and the recent editorial by Thomas Friedman intersect with some grim realities. The steadily rising price of oil has created petro-authoritarian states that no longer see the United States as a nexus of power in the world. In fact, they actively work to counter American interests globally, and do so fairly effectively right now. Huge amounts of money is flowing into states like Venezuela, Russia and Iran, and power and influence follow money. Energy and security expert Gal Luft testified to Congress last week and pointed out that as oil approaches $200 a barrel, OPEC will have amassed the wealth to:
“…potentially buy Bank of America in one month worth of production, Apple computers in a week and General Motors in just three days.”
Gal Luft
In his editorial, Thomas Friedman points out that the really startling issue here is that despite the confluence of so many negative catalysts around oil for our nation, and catalysts that will have long term socio-economic implications for us as individuals AND globally as a nation, we still do not have an effective energy policy in place that moves us past this desperate reliance on oil. What is it going to take?