The “curse” of oil wealth is a well-known phenomenon in Third World petro-states where millions of lives are wasted in poverty and the environment is ravaged, while tiny elites rake in the energy dollars and corruption rules the land. Recently, North America has been repeatedly hailed as the planet’s twenty-first-century “new Saudi Arabia” for “tough energy” — deep-sea oil, Canadian tar sands, and fracked oil and natural gas. But here’s a question no one considers: Will the oil curse become as familiar on this continent in the wake of a new American energy rush as it is in Africa and elsewhere? Will North America, that is, become not just the next boom continent for energy bonanzas, but a new energy Third World?
Once upon a time, the giant U.S. oil companies — Chevron, Exxon, Mobil, and Texaco — got their start in North America, launching an oil boom that lasted a century and made the U.S. the planet’s dominant energy producer. But most of those companies have long since turned elsewhere for new sources of oil.
Eager to escape ever-stronger environmental restrictions and dying oil fields at home, the energy giants were naturally drawn to the economically and environmentally wide-open producing areas of the Middle East, Africa, and Latin America — the Third World — where oil deposits were plentiful, governments compliant, and environmental regulations few or nonexistent.
Here, then, is the energy surprise of the twenty… >>>