In the news recently was Secretary of State Condoleezza Rice's appointment of a special official of some sort on energy issues. This is, in my opinion, yet more proof of the increasing centrality of oil and energy prices in international affairs and domestic politics. There is little doubt that the effects of energy markets and its politics can have alchemical effects on markets and international relations of a high magnitude.
We should continue to watch oil markets with interest. Some serious number-crunching should be done on what are the real amount of useable reserves available as well as on the real effects of rising energy prices on world economies. Only, in this way, will we be better able to see our future and how to respond to it.
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