Friday, 25 March 2011

Western hypocrisy & the war in Libya.

Gerald Celente points out the blatant Western hypocrisy behind claiming the invasion of Libya is on humanitarian grounds, yet ignoring atrocities in Yemen and Syria.

The Libya invasion is about oil. Period. 1.5m barrels/day of easily refined light sweet crude - less than 2% of global daily output (total of which is around 85mbpd).

And this is what makes me worry about the upcoming peak oil crisis. Iraq sit on 10% of the world's oil deposits, with a relatively primitive oil infrastructure, so the effective yield of this invasion was significant, the idea being additional investment could take the 2mbpd figure upwards (though 7 years on, and we've only seen about 0.5mbpd go online). But Libya's (declining) 1.5mbpd, and 3.5% of world reserves doesn't have the potential of an increase in daily output anywhere near that of Iraq, so for the US Military to get involved to the extent it has... well, we must really be approaching the cliff event faster than anyone care to mention.

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