By Rand Paul
Obama acts as though we no longer have a Constitution
Independent voices from the TWT Communities
For Americans who came of age in an era marked by worries about scarce world oil supplies, dominant international oil cartels and unrest in the Middle East, the times are changing — quickly.
The U.S. is not the only nation experiencing a renaissance in oil production. Sidelined for two decades by war, sanctions and political instability, Iraq passed a critical milestone last year by producing 3 million barrels a day of crude oil for the first time since 1990, before the Persian Gulf War, reaching 3.4 million barrels a day by December.
The chief economist for the International Energy Agency says the world is hurtling toward irreversible climate change unless governments cut fossil fuel subsidies and improve energy efficiency.
A study chaired by the chief economist of the International Energy Agency (IEA) is making a strong case for the introduction of nuclear energy in Italy.
China is now king of the world in energy consumption, surpassing the U.S. years ahead of forecasts in a milestone that left the Asian giant immediately rejecting its new crown.
China has overtaken the United States as the world's largest energy consumer, the International Energy Agency said Tuesday. China immediately questioned the report, claiming its calculations were "unreliable."
"Until recently, the U.S. was importing a significant chunk of its oil from the Middle East," in particular, Saudi Arabia and Iraq, said Fatih Birol, chief economist at the International Energy Agency.
"Success is not assured, and failure to achieve the anticipated increase in Iraq's oil supply would put global oil markets on course for troubled waters," said Fatih Birol, the agency's chief economist, adding that the "health of the global economy" is at stake.
