Bound to burn
Peter Huber writes a great article and makes some great points with respect to the Kyoto Protocol — roughly 1.2 billion citizens of industrialized countries are expected to reduce their emissions and the other 5 billion (China, India, et al) aren’t.
Ten countries ruled by nasty people control 80 percent of the planet’s oil reserves—about 1 trillion barrels, currently worth about $40 trillion. If $40 trillion worth of gold were located where most of the oil is, one could only scoff at any suggestion that we might somehow persuade the nasty people to leave the wealth buried. They can lift most of their oil at a cost well under $10 a barrel. They will drill. They will pump. And they will find buyers. Oil is all they’ve got.
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