By Erik Da Silva
There is an ongoing energy crisis in the Middle East, with ISIS disturbing Iraq’s national oil production and OPEC members (Qatar, Saudi Arabia, Iran, Algeria) threatening to reduce oil production and increase oil prices if there is no ground intervention. Two measures are to be taken: an American-led ground intervention against ISIS and a deregulation of the energy market in order for all the resources to be exploited.
Concerning the intervention so far, the air-strike based strategy is inefficient and ISIS continues to expand its influence across Iraq and sells the newly acquired oil resources via the black market. Only the raw power of American soldiers can annihilate this danger. A stable region means stable prices.
In a more general way, the United Nations should ensure the right of every nation to harness its own resources by any means in order to provide the whole world with enough energy. This means that the international legislation should not try to limit any attempt to provide the world with more energy. It’s the only way to enable the world to not be affected by the uncertainty of the Middle East.
The world market’s stability is at hand, given the ongoing war and OPEC’s strategy.
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