RE: [A-List] LRNA and energy

["Mark Jones" <markjones011@xxxxxxxxxxxxx>]

Melvin wrote:

>> Oil apparently is not subject to the mode of accumulation other
commodities are subject to. There is a glut of oil in the market if you
never agree that such a glut exists. The enormous pressure on price will
play itself out for all to see. I assure you that Bush interest in Iraq is
not bringing its full capacity on line.<<

Melvin there is a glut of oil in every car's fuel tank until it suddenly
runs dry. This is a case of markets not predicting the suddent decline and
even collapse of a resource. But this is a familiar tale in the
over-exploitation of resources which 'seem' limitless to the market, for
example Newfoundland cod fisheries.

However, the Bush regime (like every US govt for almost a century) does have
a strategic sense of what and where the resources are and of how limited
they are, even tho the markets seem not to. Actually, Henwood's interview
with Chomsky is particularly good on this and chomsky succinctly summarises
part of the problem with world oil: the two-fold problem being that (a)
there is a loomin decline in world supply. All serious observers agree on
this, even the oil majors (check out the Shell website for eg where there
are many paes about 'The End of Oil'). (bO the oil that is left is not in
Russia, the North Sea or Texas, it's in the Middle East. These two facts
almost entirely explain what is going on in th world right now.

The idea that there are huge volumes of undiscovered oil hidden beneath the
earth's surface is one that not a songle oil compnay, national government or
geologist I've ever heard of, wouldwaste breath even listening to.

Mark