Oil

Why the U.S. is NOT the new Saudi Arabia

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Last week’s energy news included a piece from the Associated Press with a headline reading: "U.S. poised to become world’s top oil producer; may soon overtake Saudi Arabia." If the reporter had actually examined figures available from the U.S. Energy Information Administration website carefully instead of simply parroting oil industry sycophants, he would have ended up with a headline more like this: "Marginal gains in U.S. oil production mean continuing high prices and imports for Americans."

Italy implodes

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But there is a curious sensation around. You know, it is like one of those disaster movies; those where you know that the tsunami will arrive, or the dam will burst, or the volcano will erupt right under Los Angeles. Before the catastrophe, you see people worried about their everyday things; oblivious of the impending disaster. And yet, there are ominous signs all over that “something” is going to happen.