Oilquake in the Middle East
Whatever the outcome of the protests, uprisings, and rebellions now sweeping the Middle East, one thing is guaranteed: the world of oil will be permanently transformed.
Whatever the outcome of the protests, uprisings, and rebellions now sweeping the Middle East, one thing is guaranteed: the world of oil will be permanently transformed.
It was heartbreaking to be at Camden Council last night. Because of the government-imposed cuts libraries, playgroups, breakfast clubs and after school care are being swept away in a borough that has always prided itself on its public services, especially for the young. Protests outside the council turned into chaotic and ugly scenes and the police prevented demonstrators entering the building on public order grounds. A few made it in and loudly berated councillors for cutting services. Council had to be adjourned at one point.
– Protests in Oman Spread
– The Price of Food is at the Heart of This Wave of Revolutions
– The Arab Democratic Revolt
– Gorbachev: The US Must Take Blame for Fanning Islamic Fundamentalism
– The destiny of this pageant lies in the Kingdom of Oil
– Saudi Arabia: A Brief Guide to its Politics and Problems
What do we economists have to learn from Wendell Berry? Many things, but here I will mention only two. First is a definitional correction regarding the basic nature of our subject matter—exactly what reality matters most to our economic life and why? Second, what mode of thinking does this reality require of us in order to understand it as well as possible, without seducing us into spurious substitutes for honest ignorance?
The call reportedly arrived from Cairo. Pizza for the protesters, the voice said. It was Saturday, February 20th, and by then Ian’s Pizza on State Street in Madison, Wisconsin, was overwhelmed. One employee had been assigned the sole task of answering the phone and taking down orders.
– Libya celebrates as Gaddafi’s remote strongholds rise against him
– Building a new Libya
– Britain and Libya: “No line in the sand”
– The Vacuum After Qaddafi
Libyan dictator Muammar Gaddafi’s threat to fight to the death rather than cede power set off a rising tide of violence this week which has seen hundreds, maybe thousands killed. The future of the regime and the country still hangs in the balance. The growing chaos has also spread to Libya’s oil industry as companies shut down production and foreign workers flee.
Social, political, demographic, and other conditions in Libya are significantly different than in Egypt, Tunisia, Bahrain or elsewhere, so it is not surprising that the progress of the revolution has differed too.
Protesters in the Arab world have much in common with those reacting to austerity across Europe, as well as the millions who have mobilised in support of ending poverty in the South. What we may be witnessing is an emerging public voice in favour of a fundamental reordering of global priorities.
As much as a quarter of Libyan oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil companies to warn of production cuts in Africa’s third-largest producer.
A midweek roundup of peak oil news, including:
-Developments this week
-Saudi ruler offers $36bn to stave off uprising amid warning oil price could double
-Political unrest casts a shadow over Desertec energy project
-All eyes on Bahrain as Gulf tremors frighten oil markets
-Iran’s ‘silent’ protests