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Can We Survive the New Golden Age of Oil?

submitted by Robert G.Ross


EBRAHIM HAMID/AFP/Getty Images - For more photos of new energy powers, click here. - by Steve Levine - June 5, 2012

A flurry of new finds has analysts giddy over a new age of energy abundance. Just don't ask about global warming.

Energy experts are tittering about a prodigious new golden age of oil and gas in the Eastern Mediterranean, where Israel and Cyprus could become substantial oil and natural gas exporters, in addition to some other surprising places including French Guiana, Kenya, North Dakota, and Somalia.

What these experts have not said, however, is that while this new golden age may indeed shake up the currently rich and powerful and create new regional forces, it could also accelerate the swamping of the planet in melted Arctic ice. So much new oil may flood the market that crude and gasoline prices might moderate and lessen consumer incentives to economize.


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submitted by Robert G. Ross


CHRISTOPHE SIMON/AFP/GettyImages - by Logan Bayroff - June 5, 2012

Major new global oil and gas discoveries have energy experts describing a new golden age of petroleum. But enthusiasm for this projected future of bountiful oil has contributed to a marginalization of environmental concerns. Here are ten emerging oil and gas players that could undermine global carbon reduction targets.


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