Talking about oil — Complacency, panic and ignorance
Thirty-four years have come and gone since Energy Secretary James Schlesinger described the American approach to oil supply problems. “We have only two modes—complacency and panic.” Nothing has changed. As popular revolt spread from Egypt into Libya, panic smoothly replaced complacency in the markets and the overwrought minds of the American people. Apparently, since Egypt blew up first, and Libya, which is west of Egypt, blew up next, it has been deemed logical to conclude that Algeria, which is west of Libya, will be the next domino to fall.


