The Arab oil era is over, and so is the destructive power of the Persian Gulf ‘s oil dictatorships. 

So much rubbish has been written about peak oil, like most predictions by environmentalists about our future.  Just the other night we saw the three wise men, Tim Flannery, David Karoly and Will Steffen, offering their gold, frankincense and myrrh, peddling their alarmism. Always there for a free pass on the Their ABC, does anyone really believe these empt vessels any more?

Not only did peak oil not happen — I remember Bjorn Lomborg showing a graph of peak oil alarms going back to 1920 — he also made the insightful remark that the bronze age did not come about because the stone age ran out of stones.

Now a barrel of oil is basically half the price it was just a few months ago. This is a radical game changer overlooked by most commentators. It could well be a profound game changer equivalent of the fall of the Berlin Wall.

An interesting editorial appeared in an Israeli paper, which looks at the magnitude of what might be happening.

 The most dramatic news in 2014 almost went unnoticed: The United States lifted the restrictions on American oil exports, and as of the first day of the new year it has begun exporting oil to the world.

No one believed this would happen so fast, but the US is already the world’s biggest oil manufacturer, bigger than Saudi Arabia , thanks to the oil shale technology which changed the world of energy ……

This means that oil prices will continue to drop, as the US is already competing against other manufacturers. As a result, Russia will be crushed, Saudi Arabia and the rest of the Gulf states will fall flat on their face, the cartel will collapse, and all the dictatorships which were mainly based on oil – like Iran – will face a gloomy future …

The Arab oil era is over, and so is the destructive power of the Persian Gulf’s oil dictatorships. These dictatorships have disgracefully controlled the failing Europe: Buying politicians, bribing companies, taking over the economy and gaining political power which was also used against Israel …

It seems too good to be true, but let us hope the geopolitical equation is changing.

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