For Newsweek Hundreds of Dead Egyptians Amount Only to Lost Oil
After three weeks of protesting that have lead to at least 297 deaths, in an article titled “Egypt and the Gas Pump” (classy), Newsweek has figured out what really matters amid the people’s calls for revolution and liberty, OIL:
The upheaval in Egypt reminds us of lessons that, despite decades of warnings, we have consistently sidestepped: the United States and the rest of the world will depend on oil for the indefinite future, global oil markets remain hostage to political crises that cannot be predicted or controlled, and we have not taken the prudent steps that would reduce—though not eliminate—our vulnerability to catastrophic oil interruptions.
Oh, but it gets worse. MUCH worse.
The real flash point would occur if a cascade of political turmoil cut production from major suppliers: Saudi Arabia (present output: 8.5 mbd), Kuwait (2.3 mbd), Iran (3.7 mbd), Iraq (2.4 mbd), or Algeria (1.3 mbd). This danger will remain no matter how the present crisis ends.
Egypt and the Gas Pump [Newsweek]