The announcement has been heralded as a fantastic boost for the British economy and industry, but hearing the news that we're delighted to have struck oil really feels outdated in an age where the coupling between carbon emissions and economy is breaking, sustainability is getting traction and green innovations are re-defining business practices around the world.
In 2007 Peru established two oil and gas concessions, Lot 135 and Lot 137, totalling almost 1.5 million hectares and contracted a Canadian company, Pacific Rubiales Energy, to operate there. This means that more than half of the western boundary of the Javari reserve borders Peruvian oil and gas concessions.
How do we shut down Keystone? How do we stop fracking? How do we stop deep-water drilling in the Arctic, the Caribbean and everywhere else? How do we end the ecological disaster of the Canadian Tar Sands? How do we stop the power of Big Oil? The answer is that we can't. We don't have the money, the political power or the military might.
Energy security is one of the most talked about topics not only in terms of the debates around climate change action but also conventional policy. Energy price and stability have very real economic implications for any nation and there is now more than ever increasing concern to secure the resource by internalising energy generation.
There won't be an end to political gridlock yet, there's just a movement of the chokepoint from the Senate to Obama's veto. People were very frustrated that nothing got done in Washington the last couple of years, but they should not count on DC becoming a smooth, tough, lean and mean operator just because of one election. Some market friendly decisions now have a better chance of being taken, but politics in general in America will not begin to work better overnight.
Tonight at the European Parliament there will be a vote on whether Miguel Arias Canete, nicknamed "Senor Petrolhead" by the Sunday Times, will be accepted as the new EU commissioner for Climate and Energy. To cut a long story short, Canete has long embedded family ties with the oil industry so if common sense were to prevail, he would not be appointed.