Can We Survive the New Golden Age of Oil?

submitted by Robert G.Ross

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foreignpolicy.com - 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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