July 9, 2012

WALTER RUSSELL MEAD: The Energy Revolution Part One: The Biggest Losers.

While the chattering classes yammered on about American decline and peak oil, a quite different future is taking shape. A world energy revolution is underway and it will be shaping the realities of the 21st century when the Crash of 2008 and the Great Stagnation that followed only interest historians. A new age of abundance for fossil fuels is upon us. And the center of gravity of the global energy picture is shifting from the Middle East to… North America.

The two biggest winners look to be Canada and the United States. Canada, with something like two trillion barrels worth of conventional oil in its tar sands, and the United States with about a trillion barrels of shale oil, are the planet’s new super giant energy powers. Throw in natural gas and coal, and the United States is better supplied with fossil fuels than any other country on earth. Canada and the United States are each richer in oil than Iraq, Iran and Saudi Arabia combined.

There’s still time to pay off some Greens to try to block development, though!