We do so not only because of our inherent right to know about events and people in our global village but we do because we are convinced that some of these developments have direct implications and ramifications for how we live in The Bahamas.
High on that list would be any and all developments that affect the price of oil. That is so because oil literally fuels industrial growth worldwide.
Of necessity, this means that human beings will struggle –sometimes to the death- to get or keep this resource in what they consider the right hands.
This explains –in part at least- why we are today so very fascinated by a story concerning the war in Iraq and some changes that are taking place as regards the disposition of that resource.
As we learn, "the Iraqi cabinet approved a draft of a law on Monday that would set guidelines for nationwide distribution of oil revenues and foreign investment in the immense oil industry. The endorsement reflected a major agreement among the country’s ethnic and sectarian political blocs on one of Iraq’s most divisive issues.
We are told that "the draft law approved by the cabinet allows the central government to distribute oil revenues to the provinces or regions based on population, which could lessen the economic concerns of the rebellious Sunni Arabs, who fear being cut out of Iraq’s vast potential oil wealth by the dominant Shiites and Kurds. Most of Iraq’s crude oil reserves lie in the Shiite south and Kurdish north."
Even now, it is being suggested that "if the law is passed, its effect on the oil industry could be enormous, assuming that foreign companies would be willing to work here despite the violence. Iraq has 80 known oil fields, 65 of which will be offered for bids for development contracts." This is how the matter was viewed by said Hussain al-Shahristani, the oil minister.
We could carry this matter further and underscore the point that the war in Iraq is in Iraq precisely because of the oil that it has under the desert floor that comprises so much of its territory.
Suffice it to say also that on any given day Bahamians are wont to reflect on this or that matter they consider important. Regrettably, some of these issues count for little in the grander scheme of things world wide.
One such that comes to mind involves that inane saga concerning the late Anna Nicole Smith.
As we have strenuously indicated to all who would listen; we have had enough of this God-awful circus.
Among the weightier issues that might at this juncture concern Bahamians must be the spiraling cost of fuel; and the attendant hike in prices of most consumer items.
Here of late, some prices seem to have taken on a life of their own; with higher, higher as their logical refrain.
And so, if ever there was a topic that needed urgent attention; such is the matter that involves the rising cost of living.
As this index heats up; so does other social indicators.
That is why we could surmise that these rising costs would be translated into lower and lower quality of life indices for very many Bahamians.
We say all of this to illustrate another point; which is that far too many Bahamians seem to ignore what is happening to them, particularly when the stressors in question are external to Bahamian society.
One of these issues concerns the high and rising cost of fuel.
In this regard, it is instructive to note that nationally renowned expert on US petroleum policy; Michael T. Klare does discuss his latest book Blood and Oil: The Dangers and Consequences of America's Growing Dependency on Imported Petroleum.
Professor Klare notes that "Crude oil is trading at well over $50 a barrel. Congress has authorized oil exploration in the protected lands on Alaska's north slope, but the reality is that oil reserves there are limited. Given current patterns of consumption, the United States will need to import 60% of the oil it uses by 2010.
But we would be remiss were we not to make the point that when that day comes, The Bahamas will feel either pinch or punch.
Put otherwise, no matter how this cookie crumbles, Bahamians will come to know and recognize that there is always a necessary price that must be paid.
And the undeniable fact of the matter is that as the price of oil goes, so goes the cost of living.
Our days of living on easy street are coming to an end.
