In recent weeks, we have seen the cancellation of industry plans to exploit the Arctic and Antarctic, build new pipelines, and force financial dependence on a single source of supply. At $50 a barrel, the justifying prediction of continuous exorbitant profit make no sense. It is an incredible opportunity for change.
While the Iraqi military, with some help from Iran and the U.S., may be able to hold on to what is left within its purview, it's hard to see it reclaiming much territory without major foreign interventions. Which could easily backfire, both for Tehran and Washington, the only capitals which might be involved.
Just as with the rather ridiculous and exaggerated claims about the calamities that would befall all of us if we removed lead from gasoline, we hear similar refrains about the catastrophic consequences of eliminating incandescent bulbs. And yet, just as with lead removal, the economy did not collapse as the bulb phaseout was implemented.