Friday, October 3, 2008

The vicious circle

October 2, 2008: At the time of the First World War, Winston Churchill formulated the fundamental principle of energy security as follows: "Safety and certainty in oil lie in variety and variety alone."

While the actual concept of "energy security" appeared only much later - during the oil crises of the 1970s - the wisdom of his words is widely regarded to this day as immutable. But in recent years, the tendency to put all one's eggs in one basket has increasingly undermined the long-term security of natural-gas supplies. Producers and consumers have been recklessly playing at "lose-lose."
The issue has become one of the most heatedly discussed items on the international agenda, even though the proportion of gas crossing international borders is far lower than that of oil (28 percent and 58 percent respectively). More>>>
[Energy security also applies to the Cayman Islands and all Small Island Developing States who must diversify into alternative energy. Solar, wind, and geo-thermal are all viable options that will cut costs and insulate your homes and countries from energy shortages. Ed]