Iran and Russia Learn to Dance the Natural Gas Contango

Anyone who knows the history of OPEC, as described in my book, Over a Barrel, knows that the cartel was a disorganized, squabbling bunch of oil producers that grew in fits and starts until the day it finally coalesced together. Since then, OPEC has robbed consumers of some $7 trillion. Meanwhile, President Bush mentions our addiction to fossil fuels year after year (six and counting) in his State of the Union address, but almost nothing convincing has been done to break that addiction, constrain our consumption and develop alternative sources of energy in a deeply meaningful way. As we teeter on the brink of environmental disaster, we learn that yet another group of fossil-fuel producers is making plans to pick our pockets. If we are stupid enough to sit by and let them get richer as we despoil the only planet we have, we will deserve everything we get.

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