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Wednesday, January 13, 2016

A benefit of fighting climate change

There's an interesting piece at Bloomberg Gadfly "Oil's Sum of All Fears" (found via David Frum) discussing that oil prices have departed from their historical tendency to spike when there is geopolitical tension (especially in the Mideast). This passage suggested some factors helping explain what's changed:
In October, BP's chief economist gave a speech on the "New Economics of Oil". In this brave new world, shale resources' vast reserves, short lead times and low upfront investment upend the notion that OPEC's own underground riches are bound to rise in value over time as everyone else's wells run dry. Adding to this is pressure on the demand side in the form of political and technological momentum to limit the burning of fossil fuels.
That last line points to one of the great under-appreciated but obvious facts of our time: trying to limit climate change is not a distraction from our geopolitical problems (as it's often presented as being on the right) but rather an integral part of dealing with those problems. Less dependence on fossil fuels brings a raft of economic and national security benefits, as well as environmental ones: less vulnerability to oil price spikes; and less revenue for terror groups and hostile states. And that's even without assuming any success in fighting climate change; any benefits on that score also have geopolitical benefits, such as less likelihood of droughts such as can exacerbate refugee crises.

If you want better national security, avoid at all costs candidates who say things like this, and ones who don't even understand their own obscurantist arguments about a global warming "pause."

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