Follow-up on the previous article, this one from Arthur Berman for Naked Capitalism :
Historically, Saudi Arabia has played a stabilizing role in world oil prices, by adjusting its output to ensure global supply is stable. The above graph show how Saudi output increased to lower prices when they were high, and vice versa. However, since July, the Saudis have not responded to newly low oil prices by decreasing output. In fact, the Kingdom have insisted that they would rather bear lower oil prices than decrease their market share (read: be squeezed out by shale).
Its soil is so productive that a trip through the countryside, past all the banana, orange, papaya, guava and mango trees virtually scraping the windshield, is like driving through a fruit salad. But without any functioning infrastructure, all this agricultural potential is moot.
Carbon isn’t the whole story. When you count toxic sludge from making solar panels, noise from windmills placed too close to residential areas, or changes in land use patterns from cultivating biofuel crops, you find that alternative energy has negative externalities of its own that offset its low-carbon benefits at least in part, and sometimes entirely.