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Let the Oil Flow?
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The World Today
- Article date:
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August 1, 2008
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Copyright informationCopyright Royal Institute of International Affairs Aug 2008. Provided by ProQuest LLC. (Hide copyright information)
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With oil prices reaching new heights almost daily, and politicians pleading for greater production, it may be a surprise to discover that political decisions or constraints around the world have put substantial supplies out of bounds. At the very least, between three and six percent more oil could be produced - enough to trigger a big fall in price - if some of those decisions were reversed. But will they be? Should they be?
hUGE RESERVES OF OIL, WHICH is economically rational and technologically feasible to exploit, have been placed off limits for political reasons. Such oil, were it to be allowed to flow, would likely defuse the current global oil shock, or at least postpone the problem ...
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