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Why the US Will Have to Nationalize the Oil Industry (Jim Kunstler Podcast w/ Art Berman)


This post first appeared on Russia Insider


Regular readers of RI will be familiar with James Howard Kunstler's twice weekly column on political events. He also has an excellent podcast, and this one is relevant to Russia, because he digs into the world oil industry with his guest, geologist and oil industry analyst Art Berman.

Berman believes 'with 100% certainty', that the US oil industry, refiners included, will have to be nationalized. He explains the nuts and bolts of oil production in a way that is easy to understand for non-specialists. Berman is known as a perennial pessimist about the prospects for US oil companies, but his analysis is solid and always interesting. They talk about what the implications are for the world economy that there is far too much oil being produced in the world, and much else.

The implications for Russia of all this, as for all major oil-producing nations, are enormous.


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