Death to Exxon

Private oil is in big trouble, according to a new report by the Council on Foreign Relations. The combination of dwindling discoveries and resource nationalism (by Russia, Venezuela, etc.) means that companies like Exxon will actually control very little oil in the near future. How near? According to a former Exxon CEO, "ten to fifteen years."

What does this mean for American politics? Recent reports indicate that, even as business groups are deserting the Republicans, resource-extraction industries (of which the biggest by far is oil) are still solidly behind the GOP. For instance, anyone who hails from Texas (as I do) knows that oil companies have always been the power base of the Bush family and faction. That marriage of big oil and Texas Republicans has led to dangerous denial of global warming, serious exposure of our economy to the whims of autocratic nations, funding of terrorism, and (arguably) the Iraq war.

When Big Oil finally runs out of Texas tea, expect its political power to collapse. But in the decade before that happens, I expect the industry to get even more involved in politics to try to slow its descent. And since politics is fairly cheap, those companies will have enough money to continue doing some serious damage to our country for years to come.