53 comments on Oil Quiz - Test Your Knowledge
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9. Being slightly cynical. True.
However, Americans may be surprised by the list of newly-emerging truly rich countries, many of which cannot be found on a map by most Americans. Yet.
Some Americans may also be surprised by a list of newly-emerging countries whose currencies have tanked due to prolonged periods of large trade deficits.
I agree... i would argue there already is a shortage of oil and the richest countries already out bid the weak..
how come oil exporting countries such as Venezuela,Iran and iRaq consume less oil per capita than the USA?
the basis for my determination of shortage is there is not enough production for everyone to have a US lifestyle..
Boris
London
There are even more implications than that.
The Cold War ended, because the Soviet Union ran out of cash. The NATO countries were able to outspend the Warsaw Pact countries in terms of military spending.
However, Russia has now become the largest oil producer in the world. As the price of FF rises due to PO, Russia will (temporarily) become extremely rich, i.e., Russia won't have problems any longer to keep up with the U.S. or even beat the U.S. in terms of military spending.
Consequently, Russia is very likely going to get back its "superpower" status sooner rather than later, and this time around, they'll be able to outspend the U.S.
To expand on your excellent observation, Saudia Arabia increased production of oil, driving down prices of oil to below Russian oil extraction costs. Thus Saudia Arabia, not just Reagan, caused the collapse of the Soviet Empire.