Economics

Over the course of the past decade the United States, following decades of relative stagnation in oil production, has surprised many to become the largest oil producer in the world, exceeding Russia as well as Saudi Arabia.

“Lenin said that capitalists would sell the Communists the rope to hang them. But as matters turned out, capitalists let China sell them the labor that served to hang American capitalism.” — Michael Hudson

In recent weeks a dramatic escalation of tension around Turkish oil drilling rig presence in the disputed Exclusive Enterprise Zone surrounding EU member state Cyprus is taking place. Turkish President Recep Tayyip Erdogan is claiming that Turkey has the right to drill not only in the waters off of Northern Cyprus, but also in waters far from there where Greek Cyprus has claimed rights. The actions, moving Turkish oil and gas drilling platforms into the waters, is creating a dramatic new clash in the energy-rich Eastern Mediterranean. The line-up of actors makes for a political Molotov cocktail of clashing interests that potentially pits not only Turkey against Cyprus and Greece, but also Israel and the USA, with Russia and China watching with keen interest. .