What will it take to trigger an oil crisis?
Michael T. Klare is the Five College Professor of Peace and World Security Studies (a joint appointment at Amherst College, Hampshire College, Mount Holyoke College, Smith College, and the University of Massachusetts at Amherst), and Director of the Five College Program in Peace and World Security Studies (PAWSS), a position he has held since 1985. Before assuming his present post, he served as Director of the Program on Militarism and Disarmament at the Institute for Policy Studies in Washington, D.C. (1977-84).
Professor Klare has written widely on U.S. defense policy, the arms trade, and world security affairs. He is the author of Blood and Oil: The Dangers and Consequences of America’s Growing Dependency on Imported Petroleum (Metropolitan Books, 2004), along with many other books. He is also the defense correspondent of The Nation, a Contributing Editor of Current History, and has contrbuted to numerous publications.
Michael Klare serves on the board of directors of the Arms Control Association, and the advisory board of the Arms Division of Human Rights Watch; he is also a member of the Committee on International Security Studies of the American Academy of Arts and Sciences.
Question: What would it take to trigger an oil crisis?
Michael Klare: We are having an oil crisis today. It’s going to get worse. I think that we have a situation today where is the result of higher demand, which is produce by growing competition for oil from between the older industrial powers on one hand and the rising powers like China on the other hand, and slow down in this supply are discuss at and the inability of the oil industry to pump out more, but we could have other factors making this situation even more severe. We could have another bad hurricane season, like we had with Katrina and that’s likely given global warming and the intensification of severe storm activity in the Gulf of Mexico or we could have a war with Iran, which Vice President Cheney seems determine to trigger or some other crisis in oil producing country, Nigeria for example or somewhere else, that would double the price of oil from what we have today. Either any of the combination of those, if two or three of them happened simultaneously will be in very bad shape.
We are in the midst of one already, Klare says.
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