TomDispatch features an article that brings up some overlooked recent events.
- Independent truckers have started to block traffic in L.A. to illustrate the effect that rising diesel fuel prices have on their livelihood
- Rising oil prices have brought chronic blackouts to cities throughout the southern hemisphere
- John Kerry has mentioned consolidating with Canadian and Mexican oil resources as a means of creating an oil independence alliance
The rising value of an increasingly scarce resource is a form of monopoly rent, and a future permanent crude-oil regime of $50 per barrel (or higher) would transfer at least $1 trillion per decade from consumers to oil producers. In plain English, this would be the greatest robbery by a rentier elite in world history. Someday, Enron may seem like the equivalent of a liquor store hold-up by comparison.