16 February 2012

ARGENTINA / UK : The Underlying Malvinas/Falkland Islands Issue...Black Gold.


      The theme song of the 60's era TV series 'Beverly Hillbillies' proclaimed...'Up from the ground came a bubblin' crude...oil that is, black gold, Texas tea.'
      That may be the underlying reason for the growing tensions between the UK and Argentina over the Mavinas/ Falklands islands...as the 30th anniversary of their war nears.
      Black gold.
      British tea...or perhaps...Argentine mate.
      8.3 billion bbls of oil are estimated in the waters around the islands.
      Despite some early failures...some speculate there may be even more...up to 60 billion bbls.
    Currently...the UK has proven reserves of only 5.6 billion bbls.
    The struggle over the islas may no longer be irrelevant...as Borges once described it...'like two bald men fighting over a comb.'
     It could mean vast wealth for the controlling nation...$180 billion in royalties...in an age of growing austerity.