The oil industry is quickly mobilizing to make the most of a new play in the Gulf of Mexico said to contain 15 billion barrels of oil, or more than $1.5 trillion worth based on current prices.
While the realignment of the energy map could bring short-term birth pangs to the European economy, Graeber writes, by the time the eurozone is in full swing, producers from the Caspian Sea may have taken Russia's place as the exporter of choice.
Oil giant BP is suing the US government for blocking the company from bidding on and securing new federal contracts. The suspension came as BP was in the midst of negotiating an agreement with the EPA for its involvement in the Deepwater Horizon spill.
Al Qaeda threat has closed down US embassies in the Middle East this week. Details of the Al Qaeda threat made little reference to the energy sector, but past attacks in the region suggests oil is an emerging target for terrorists.