Tag: Energy Independence

Contributor Post Created with Sketch. Recommended by Ricochet Members Created with Sketch. “Interagency Consensus” DIME Not Worth a Plugged Nickel on NATO

 

NATO at 70Everyone in the vaunted “interagency,” is well aware of the concept of the instruments of national power. The old Army War College acronym is “DIME,” for diplomatic, informational, military, and economic tools. You will notice that each tends to rest primarily in different departments, different agencies in the “interagency.” This would be why you need multiple agencies to coordinate rather than always operating “in their own lane.”

Just as Madison Avenue is best at selling Madison Avenue, so too the permanent bureaucracy and its affiliates, allies, patrons, and petitioners all affirm competent and selfless expertise in the face of all evidence. Indeed, the reverence for the “foreign policy consensus” evokes the British Parliament’s ritual prostration before the NHS. Thank God that we finally have a president who feels no such compulsion, the first such since Ronald Reagan.

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NYMEX Light Sweet Crude Oil Futures make headlines and along with those headlines seemingly endless speculation about what is happening, when it will stop, how to make money, etc. Crude oil daily volatility as measured by the Chicago Board Options Exchange (CBOE) Crude Oil Volatility Index (OVX) peaked at 69.12 during the first Greece crisis in […]

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. The False Panacea of Energy Independence

 

Politicians, commentators, and some fellow Richochetti often mention “energy independence” as a solution to the conundrum of Middle Eastern politics. Dealing with the complex mess of that region is a thankless and dirty job, and we’ve been stuck doing it because of the importance of Persian Gulf oil to the world economy. I raised this issue last night in a comment to a post by Claire Berlinski, and it seemed to me that it warranted further discussion.shutterstock_78597688

The United States is not involved in the Middle East because we import oil from the Middle East. Rather, events in the Middle East can have a major impact on the worldwide price of oil. This would be true even if the US doubled its oil production and became a net exporter, as the Middle East would continue to produce a large proportion of the world’s oil. Simply put, American “energy independence” will not change the political importance of the Middle East, nor will it insulate the US from oil price shocks resulting from events in the Middle East.

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Ricochet readers will remember that in the late 60’s we were in the middle of the Vietnam War. Growing up in the suburbs of Chicago I was fortunate to attended one of the top tier high schools in the suburbs where the teachers were all top notch. The faculty was inspirational in many ways which led […]

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