Every western style economy rests on just two pillars, energy and capital!
Before the GFC America was importing 70 billions worth of foreign oil. [40% of its then needs.]
When the price of oil traversed through the $87.00 a barrel, The US economy began to contract. Middle East suppliers, whose extraction costs are around a dollar a barrel were laughing all the way to the bank.
Moreover, it is patently clear that a percentage of this oil revenue finances terrorism. The former Malaysian Prime Minister, urged OPEC to see oil as an economic weapon.
Clearly some of our current energy suppliers, despise everything we stand for or believe in?
I believe it is only a question of time before Iran develops a missile capable of transporting a nuclear warhead to Israel?
One can be certain Isreal will not simply submit to the warmongering sabre rattling of a nation or fanatical Leaders, whose expressed goal is to drive Israel into the sea.
Israel understands what is at stake and needs to settle the Palestinian problem ASAP.
War in the smouldering powder keg Middle East, will drive up the price of oil well beyond an economy crippling $200.00 a barrel.
We need to stare this possibility in the eye, and consider just how much increasing reliance on fully imported foreign oil, we and we alone are subjecting ourselves to?
Parliamentary pragmatists would simply stop chanting the meaningless mantra/slogan, that the govt has no business in business, and get the govt into the oil business.
But particularly, if we do indeed have hydrocarbon resources to our immediate north, to rival or eclipse, the entire known Middle East reserves?
Whose interests would be served by a conflict or conflagration in the Middle East?
Certainly none of the nations currently dependant on it for all or some of their energy supplies!
So, how about an oil rich Russia now presided over by a patently power hungry, homophobic, President Putin, who already uses Russia's copious, if comparatively expensive to recover, energy resources, as a behaviour modifying, economic weapon or tool?
Rhrosty.