The past week’s developments in Iran are tremendously exciting. Diverse and unexpected elements of the Iranian public have started taking to the streets to protest the regime that has failed them for most of the past 40 years. After a few days of very little press coverage in the United States, we now have a torrent of commentary. But it all strikes me as missing something. US coverage of Iran is limited by the way that US media sees Iran. With this video I delve into the problem…
Back when I started doing this channel full time, I put out a series called “Notes From The Golden Age“. Today’s video, on the defeat of OPEC, is a long delayed addition to the series. In the six minutes of the video itself, I just laid out the facts as I understand them: The fact that OPEC did its level best to raise the price of oil, and they failed. If you want to hear more about why that is, and hear some discussion of the revolution in petroleum affairs we’ve experienced over the past five years, you could do worse than this video here.
Put briefly, oil doesn’t cost what it used to. The origin of this development is probably OPEC itself. That cartel drastically reduced the oil on the market on a couple occasions in the 1970s, driving the price through the roof. Much has, quite rightly, been made of the Shale revolution in the United States. A range of technological advances has made oil extraction easier, cheaper, and viable in places that it wasn’t before. This revolution has made US production competitive with Saudi Arabia again, and caused the plummet in prices that started in mid 2014. But the Shale revolution is only the most dramatic cause.
The plummet in oil prices is the result of a range of reactions to OPEC’s obscene market power. An under-heralded one is energy efficiency. We have finally reached a point where economic growth is decoupling from growth in petrochemical use. Some of this is renewables, but more of it is the very, very unsexy business of making cars and air conditioning units run more efficiently. Another reaction to OPEC was the broadening of the search for petroleum. Coupled with Technological advances, a staggering range of countries now produce significant amounts of oil and gas. OPEC has been beaten. They largely did it to themselves.
Obama failed Syria, and Trump is going to fail Syria too. This video explains why. Most people will tell you that the US didn’t do enough in Syria. Actually it’s the complete opposite. We are now on our second president who doesn’t want us involved in Syria. Presidents can win elections, but they can’t beat the Military Industrial Complex.
This video is super depressing. But I’m excited that it lets me continue two of my best series, that have lain fallow for a while now. This is the 14th installment of my series on Syria, and it up-dates the story, incorporating some developments, like the disclosure and apparent end of Timber Sycamore, that I have been itching to discuss for weeks. It also returns in a big way to my Military Industrial Complex series. When I started the series over two years ago now, I had an end in mind. Still haven’t gotten there. We’ll see if I can pull it together!