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Not necessarily right-wing...

But usually decontextualized. There have been price shocks before, and they have all been in response to political crises in the Middle East: 1956 (Suez), 1973 (Yom Kippur War), 1979 (Iranian revolution), 1991 (Desert Storm). It is absurd to assume that the current spike is unrelated to the war in Iraq. It is true that elite concerns about Peak Oil may have helped spark the Iraq adventure. It is also possible that growing awareness of Peak Oil will keep prices permanently inflating. It is likewise possible the proliferation of the Peak Oil hypothesis is a strategy by the industry to jack up prices and thereby expand production. (There are huge reserves which have not been brought on line yet in the Caspian Basin, Venezuela and even Iraq.) In any case, politics, not scarcity—not yet—underly the current spike. The Peak Oil hypothesis was deconstructed at length on this website by George Caffentzis.


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