Some of the graphs from the Energy Security Dialogue were quite interesting, even if in some cases like the subsidies I would have like additional data like the development over time. Some thoughts:
1) The effect of the demographic boom of the OPEC countries, the overall lifesytle and some (stupid) policies have been discussed before. While you can understand how the idiotic energy policies of many a Gulf state developed you still have to shake your head about their gross stupidity which will have dire consequences for the long term wealth of the country.
Instead of selling the finite ressource at the high world prices you burn it at home as much as possible by pushing its price down low. You even use it to generate power for which you stimulate demand by reducing its price.
2) The fracking boom in the USA has certainly attracted a considerable amount of foreign captial, be it into the industry itself or sectors which profit greatly from low energy prices like European chemicals. I know too little to know about the business itself to comment on it, but if the fossil fuels in question are so important for the national security why do we not keep them in the ground when the need is far greater?
Personally I would advise most European countries to explore the issue but to leave the reserves where they are. Maybe I have read too much economic literature about WWII but from that angle and the environmental perspective it makes sense. If there is a supply shock it is quite likely that it could prove to be an highly valuable buffer.
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