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Willie Sutton robbed banks because that’s where the money is. And oil companies venture into deep waters for exploration because that’s where the oil is.
That’s why — even though President Obama has imposed a six-month moratorium on deep-water exploration drilling in the Gulf of Mexico — the oil and gas industry is going to be back. And it’s why in other countries, the deep-water search hasn’t stopped.
Within five years, global deep-water production is expected to rise by two-thirds, to 10 million barrels a day, according to Cambridge Energy Research Associates. That’s equivalent to the amount of crude oil that the world’s largest exporter, Saudi Arabia, produces. And in the United States, improved technology for extracting oil from deep water accounted for about 70 percent of the increase in the U.S. Geological Survey’s estimates of recoverable U.S. oil reserves in recent years.
[Note from the publisher: As of today, the Washington Post has changed its name to The Mufson Report, in recognition of the fact that reporter Steve Mufson writes virtually all of the contents.]
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Estimated number of people who watched a live Webcast of a hair transplant last fall:
A rancher in Texas was developing a system that will permit hunters to kill animals by remote control via a website.
A man in Japan was arrested for stealing a prospective employer’s wallet during a job interview, and a court in Germany ruled that it is safe for a woman with breast implants to be a police officer.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."