Oil was discovered in Ghana just in 2007. A wide swath of the Atlantic’s Western shores, the area stretching from Morocco to Angola is becoming Africa’s “Oil Gulf.” Oil-producing countries in Africa, including those in the oil-rich Gulf of Guinea, now provide 24% of U.S. oil imports. Africa has outstripped the Middle East as an oil supplier to America. Increasingly, Africa’s oil is being produced offshore.
For the past two months, the Nigerian military has been engaged in a standoff with armed resistance groups in the Niger Delta. The full-scale offensive, launched by Nigerian forces on May 13 with fighter-planes and gunboats, has destroyed villages and displaced upwards of 30,000 people from the region.
There are no saints and even fewer geniuses in the conflict between Russia and Georgia over Ossetia. However, Russian Prime Minister Vladimir Putin, clearly the real power in Moscow, has certain proven himself even less saintly than other parties – and in the long term, less clever. Albeit with serious input from American miscalculations and atavistic politics and with the help of the hapless Georgian leader Mikheil Saakashvili, Putin has made both Russia, and the world, a more dangerous place.
In commenting on the war in the Caucasus, most American analysts have tended to see it as a throwback to the past: as a continuation of a centuries-old blood feud between Russians and Georgians, or, at best, as part of the unfinished business of the Cold War. Many have spoken of Russia’s desire to erase the national “humiliation” it experienced with the collapse of the Soviet Union 16 years ago, or to restore its historic “sphere of influence” over the lands to its South. But the conflict is more about the future than the past. It stems from an intense geopolitical contest over the flow of Caspian Sea energy to markets in the West.
Mexico is engaged in one of the most pivotal debates in its modern history: the future of its oil industry. The question is whether oil operations should remain in state hands or be privatized. Mexico exported 1.1 million barrels of oil per day to the United States in 2007, making it the third-largest supplier of oil to the United States, after Canada and Saudi Arabia. Yet the U.S. media has paid scant attention to the debate over what will happen with Mexico’s most important industry.
For those following economic trends, the past 18 months are notable primarily for two reasons. First, the U.S. housing market, long seen as overvalued by alternative economists and even powerful economic institutions including the International Monetary Fund (IMF), finally went from boom to bust. Over the span of a few months, housing in some markets depreciated by as much as 30%, and some economists estimate that losses may ultimately reduce value by as much as 50% in some cities.
At the hastily convened global oil summit in Jeddah, Saudi Arabia on June 28, top officials of producing and consuming nations from around the world attempted to find a combination of solutions that would somehow extricate us from the current crisis over sky-high energy prices. These proposals ranged from increased output by major producers like Saudi Arabia and Kuwait to restrictions on the activities of international oil speculators.
As global supplies shrink and the Middle East remains in turmoil, the United States is not without competition in Africa. China and other emerging economies are also looking to the continent and only seeing the oil needed to feed their rapid growth. This is especially true as new discoveries of oil on the African continent seem to pop up every year. Ghana discovered oil off its shores in 2007, Mauritania in 2006, and many other countries are ramping up exploration.
How-to-leave-Iraq plans have proliferated over the past five years. Most of the plans proposed by Democrats have brimmed with rhetoric aimed at scoring points against President George W. Bush rather than working out the messy details of how to end the occupation and what to do in its aftermath. Ten Democratic candidates for Congress have just changed that with the announcement of a plan that sets forth a strategic vision both to bring the Iraq War to an end and to prevent future “Iraqs.”
Having only recently become a U.S citizen, I now join the millions of immigrants eligible to vote in this year’s presidential election. For my native Latin America, none of the candidates is offering a real alternative to the failed policies that have made the U.S. government wildly unpopular among people from Mexico to Argentina.