Oil Is Not Well

Who are the major producers of oil in the world? The unsettling answer is Saudi Arabia and Russia. They produce about 9 million barrels of oil a day. And who are the world’s major producers of natural gas. Again the answer is unsettling, Iran and Russia. There are students of geopolitics with a special knowledge of energy resources who worry about this. One, the economist Philip K. Verleger, Jr., believes that with regard to Russia and its energy reserves, we are in the second round of the Cold War.

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