1964 was a harbinger of the future we now inhabit, but no one knew it at the time. It was the year of the Free Speech Movement (FSM) at the University of California Berkeley, the first stirrings of the cultural revolution to come. FSM epitomized the fear of a world dehumanized by mainframe computers controlled by corporations. Yet that same year Marshall McLuhan also first articulated his famous concepts of “the medium is the message,” and his vision of a “global village.”
Underscoring Goldman Sachs forecast last week of oil prices at or below $50 per bbl until at least 2020, Bloomberg News is today reporting that Iraq is preparing to unleash a flood of new oil within the next few months. This is very bad news for the price of Western Canadian Select bitumen, and Alberta oil sands producers. Saudi Arabia’s strategy, together with OPEC, to squeeze high-cost oil producers of oil sands and shale seems to be working. More pessimistic forecasts of WCS at $25 for an extended period now appear more plausible.