Thomas L. Friedman

Publisher: Farrar Straus & Giroux (2008)

With oil at $200 a barrel OPEC could potentially buy Bank of America in one month's worth of production, Apple in a week, and all of General Motors in just two days. Up to now, Persian Gulf-based sovereign wealth funds have played a very healthy, stabilizing role in the 2008 American subprime mortgage crisis. But it is hard to imagine over time that their economic clout will not get translated politically. After all, that's what America and Britain did when they had financial clout: They used their money to advance their national interests abroad.\n\n 'So what am I saying? That we need to bankrupt all these oil producers? No, I don't want to bankrupt Saudi Arabia or Kuwait or Egypt or Syria or Russia or Indonesia. That would only cause a different kind of destabilization, born of impoverishment. Besides, the price of oil is not going to drop to zero any time soon, even if we all drive plug-in hybrids. We will need petroleum-based products - from plastics to fertilizers - for as far into the future as anyone can see. But the world will be a better place politically if we can invent plentiful renewable energy sources that eventually reduce global demand for oil to the point where even oil-rich states will have to diversify their economies and put their people to work in more innovative ways.