Thursday, April 06, 2006
The Other Side
Iran's ambassador to the UN explains their nuclear program in today's NY Times. I saw him interviewed on CNN recently, and he's quite articulate and smooth. After the Iraq WMD fiasco, we can't entirely discount the possibility that things are as they claim, but I stand by my earlier conclusions that nuclear energy makes no economic sense for them, with one new proviso. If Iran's oil and gas reserves had been enormously inflated for the purpose of gaming OPEC's quota system or deceiving investors, then they might have a greater need for the kind of program they are currently pursuing. The implications of that for global energy markets would be highly significant.