Despite its Shortage, Oil is Still the Most Powerful Weapon [Voltaire]

Despite its Shortage, Oil is Still the Most Powerful Weapon [Voltaire]: "Despite its Shortage, Oil is Still the Most Powerful Weapon The German Energy Monitoring Group said that the world’s oil production has reached climax in 2006, adding that it will decline by more than half by the year 2030. The group pointed out that will result in a shortage of production which will be difficult to address although the increasing demand on organic energy, nuclear power, as well as sources of the alternative energy. These results come at a time oil prices have hit new records due to the shortage of supplies, and the tension in the Middle East, and amid news that Russia has started building the first factory for producing the biological fuel in Tataristan province, which is supposed to transform about one million tons of wheat into fuel for cars annually. In taking this step, Russia is following the example of Europe which is very keen on developing the industry of biological fuel as an alternative of oil, but all of that does not deny the fact that oil is still the most powerful weapon in our modern times, and which was present in Rice’s talks on Russia, not only that, but also pushed it to criticize Moscow yesterday for using oil as a political weapon. Expectations of Growth of the Iraqi Economy by 6% This Year The Iraqi Deputy Prime Minister said that his country’s economy is recovering cautiously, pointing out that the international estimates expects the Iraqi economy to achieve a growth rate of 6%. He further said that the Iraqi government has succeeded in controlling the average of inflation to settle at 33% this year, and 16% last month."