The Roil in Oil – commentary
Most Guyanese have been transfixed by the protests in the Middle East and North Africa (MENA) that have already toppled two dictators and are threatening several others. But the sudden jump in our gas prices should have alerted us to another dimension in the crisis that has affected every other country in the world: the future of oil.
Whatever the outcome of the protests, uprisings and rebellions now sweeping the region, one thing is guaranteed: the world of oil will be permanently transformed. And oil, we should know by now, is what makes the world go around.
While coal literally fuelled the 19th century industrial revolution – powering factories, railroads and steamships – it was cheap oil that made the modern, globalised world possible from the turn of the 20th century. Continue reading