CNSNews

A great irony of the post-colonial world is the one former colony which grew rich, prosperous, modern, and safe without natural resources by relying on the skills, industriousness, and talents of its people and strict clean government is where it all changed: Singapore.

In early December, the G7 and EU countries, plus Australia, put a cap on the price at which they would allow sales of Russian exported crude.

Was not the Arab Oil Embargo a big deal? No. It was not. It was a meaningless gesture but came to represent the energy crisis period of the 1970s in the perceptions of many media and academic commentators, government officials, and the public. Many believe the Embargo caused the crisis. Wrong.

In days of old, when knights were bold, and oil exchanges were not invented, prices were steady, supply was plenty, and Big Oil kept drivers contented.