US: Energy Independence: The Ever-Receding Mirage

President Bush and his Democratic opponent John Kerry are both for “energy independence”—like every other president for a generation. That elusive, but ultimately pointless, quest has been a central feature in American politics and policy for the past 30 years, ever since the October 1973 embargo on oil exports to the United States launched by Saudi Arabia, Algeria, Bahrain, Abu Dhabi, and Libya.

Oil: Prize or Curse?

At some point, the Hubbert curve for world oil will enter the down slope. Extraction will become more expensive and, eventually, this fossil fuel – essential for transport throughout the globe – will disappear. It behooves the Nigerian government and all oil producers to begin seek other sources of energy and diversify the sources of revenue.