Iran’s Natural Gas Riches: US Knife to the Heart of World Future Energy
‘But what the CNPC-Iranian partnership shows is that natural gas is the bigger prize that will be pivotal to the world economy, and specifically the dual flow of this fuel westwards and eastwards from Central Asia to Europe and China.
Michael Economides, editor of the Houston-based Energy Tribune, is one of a growing number of industry observers who is convinced that natural gas will supplant oil as the primary energy source, not only in the coming decades but over the next several centuries.
Within the Middle East, Iran is the undisputed top holder of gas reserves. Its South Pars gas field is the world’s largest. If converted to barrel-of-oil equivalents, Iran’s South Pars would dwarf the reserves of Saudi Arabia’s giant Ghawar oilfield. The latter is the world’s largest oilfield and since it came into operation in 1948, Ghawar has effectively been the world’s beating heart for raw energy supply. In the soon-to-come era of natural gas dominance over oil, Iran will oust Saudi Arabia as the world’s beating heart for energy.
In this context of a major realignment in the world’s energy economy – one where there will be a continuing diminished role for the US – Washington’s blustering rhetoric about democracy and peace and war on terror or alleged Iranian nuclear weapons can be seen as a desperate attempt to conceal its fear that it stands to be a big loser. Encircling Iran with wars and threatening gas supplies to possibly the world’s top future gas customer – China – is the real deal. US actions are more accurately seen as putting a knife to the energy arteries of a world economy that it will no longer be able to dominate.’