The New York Times launches a damning doomsday Editorial this Sunday highlighting the folly of America and Europe’s energy dependence both in terms of oil and natural gas.
The Times notes that, with global supply struggling to keep pace with growing demand, leaders like Iran’s Mahmoud Ahmadinejad and Venezuela’s Hugo Chavez feel emboldened to give the finger to both the US and the UN.
The editorial envisages the nightmare scenario of Tehran unilaterally restricting its oil exports and what that might do to global crude prices. Quite prescient really, or Iran’s government is reading the Times online. Late this evening, Iran’s government threatened just that if the UN imposed sanctions over Iran’s nuclear program.