Reuters reports: U.S. to surpass Saudi as top oil producer by 2016 – says the International Energy Agency. The United States will stride past Saudi Arabia and Russia to become the world’s top oil producer by 2016, the West’s energy agency said, bringing Washington closer to energy self-sufficiency and reducing the need for OPEC supply.
By reading this cleverly written report one gets an impression that the US is close to achieving energy self-sufficiency; consequently it has lost all interest in the Middle Eastern oil. But surpassing the Saudi 10 million bpd (barrels per day) oil supply is not a benchmark; total extractable oil reserves are the real benchmark. If the US surpasses Saudi in its daily oil production and runs out of oil by 2020; how confident the US policy-makers would feel about their energy security?
All our hopes of abundant shale oil come dashing down to the ground when we read this report by the Oil Drum: The trillions of barrels of shale oil which the corporate media is hyping up is in the Green River formation which is not extractable at least for a 100 more years because it is in the form of solid kerogen. While the Texas and North Dakota oil formations are not actually shale oil; it is tight oil which is blocked off by the shale; and its quantity is very limited: 2 to 4 billion barrels in North Dakota and 3 billion barrels in Texas. The world consumes a billion barrels in 11 days. For the sake of comparison, Saudi Arabia, Iraq and Iran roughly have 200 billion barrels each, with a minimum per barrel extraction cost leading to windfalls for the Big Oil.
This is a picture of Veena Malik, our desi version of Paris Hilton, an epitome of superficiality, shallowness and inferiority complex. When I googled Veena Malik I had trouble finding an appropriate picture for a “safe account.” Let’s avoid being normative here and think what caused liberalism to fail in the East and especially in the Islamic countries? It is partly a political failure but mostly it is the failure of commercial media as an educator and institution. It is basically an issue of how a new technology interacts with the local culture. Electronic media is a bridge that connects the West and the East.
The traditionalist masses of the East have no way of knowing what is happening in the advanced society of the West except through television, cinema and now the internet. When they turn on their TVs they see nudity, vulgarity and obscenity. It is irrelevant for the discussion at hand whether nudity is wrong per se or not. Just think about the culture shock that the traditionalist Easterners experience when they look at these pictures and videos. They believe that this is the Western culture, they believe that these are the liberal values.
In Lahore’s top private university:
There is now widespread agreement that ‘deep’ history matters for comparative development. Recent research has shown that ancestry – the transmission of genetic and cultural traits across generations – matters more than the history of geographic regions. This column argues that long-term divergences in inherited traits can create barriers to the diffusion of technology. The greater a population’s genetic distance to the population on the technological frontier, the lower its relative income will be. Development policies should aim at reducing barriers to exchange and communication.
(h/t Marginal Revolution)
By Dani Rodrik. The paper in full here: http://www.gcf.ch/?page_id=5758
Alternatively you can read some extracts after the jump.