class is the unmentionable

By on Tuesday, July 15, 2014

For them, class is the unmentionable, let alone an enduring struggle, regardless of the reality of the lives of most human beings. Syriza's luminaries are well groomed; they lead not the resistance that ordinary people crave, as the Greek electorate has so bravely demonstrated, but "better terms" of a venal status quo that corrals and punishes the poor. When merged with "identity politics" and its insidious distractions, the consequence is not resistance, but subservience.

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The industry is also following other steps in Hrebiniak's prescription for survival. It has already cut more than 200,000 jobs in the past 18 months, according to AlixPartners. Companies have also renegotiated contracts with suppliers and dropped capital spending by 20% to 40%.

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As tempting as it may be to write off this entire sector as dead money, offshore oil is going to be a major source of oil for many years to come. Global oil demand grows at about 1.5 million barrels per day lately, and the natural decline rates outside OPEC are at 5% annually or about 2.6 million bpd. While shale can fill that need for a while, eventually decline and demand growth will overwhelm growth from current projects..

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