Economides: The Botched Airline Bombing and Our National Nervous Breakdown

…Other than the healthcare issue, in my area of interest, energy, there have been two very important events recently that both warrant major national attention, potentially worth trillions.

The first was the recent bid for Iraqi oil fields in which, the Iraqi government, showing a marked independence from the expectations of the conspiracy and the war-for-oil theorists, shut out American oil companies. The Iraqi oilfields, languishing for years, first because of the draconian sanctions during the Saddam Hussein years and the ravages of war since then, are perhaps the most potentially prolific in the world. Over the next decade, Iraqi oil production is expected to top 11 million barrels per day, quadrupling the current production of 2.5 million barrels per day and vying to surpass Saudi Arabia as the world

The second was the meeting in Copenhagen, which although it fell far short of the promises made by its promoters, it has legitimized what many thought was very sketchy science, the man-made link to climate change. The toothpaste is out of the tube and future legislation, any legislation, on cap-and-trade will have huge and lasting negative economic impact both in size and on the lifestyle as we know it.

Energy Tribune