No Matter What Iran Remains A Major Oil Field

In a nervous world facing triple-digit prices per barrel of oil and peering nervously into the abyss of recession, energy projects recently written off as untenable have, like Dracula, risen from the grave.

What is most extraordinary about the energy feeding frenzy is how ideology is taking an increasing back seat to pragmatic concerns about securing long-range energy supplies.


Given Western Europe’s growing anxieties about being increasingly beholden to Russia’s energy exports, a most unlikely champion of shivering Europeans has arisen — the mullahs of Tehran. And their weapon of choice? The Nabucco pipeline project, which earlier this week was declared by many analysts as dead and buried after Russia signed a long-term pipeline project with Bulgaria.

The ultimate casualty of the changing geopolitical landscape may well be the U.S. desire to isolate both Russia and Iran from a significant role in developing Caspian energy resources.

UPI