Dec 30 2010
Leviathan Gas Discovery Could be The Mother of All Resource Curses
They say that fossil fuel riches become a curse to any country that possess them. Where fossil fuels flow – corruption, reduced democracy and increased inequality follow. It is such a recognized pattern that it has become a cliche: the resource curse. No nation is immune. Even one-time staid and fair-minded Canada has now succumbed to this corruption of democracy, under the pressure from its oil sands provinces. So when Houston-based Noble Energy today confirmed that its Leviathan gas find under the water off the shore of Israel is easily the largest exploration discovery in its history, with an estimated 16 trillion cubic feet of natural gas – it is not a moment of rejoicing – but one of trepidation.