Despite America’s jubilant cries of energy independence, the global nature of the crude oil commodity and the continued vulnerability of the world’s supply network to regional political discord are not to be dismissed.
Pundits are expected to make predictions for the year ahead and far be it for me to avoid what, generally speaking, depends on who is making them. Major trends are already in place and easy to predict as they proceed, but it is always unknown events that upend predictions. Mother Nature and perpetrators of evil can always be counted upon to provide them.
October 17 was the fortieth anniversary of the oil embargo slapped on America by the Organization of Petroleum Exporting Countries (OPEC). That action changed the entire geopolitical map by taking the power from the United States and giving it to the Middle East. As a result of the embargo, America slid into a serious recession.
No President in modern U. S. history has more self-consciously evoked the images of his predecessors than the incumbent, Barack Obama. When the first-term Senator in 2007 formally announced his[...]