The international community has come to terms with North Korea (1). For the price of one million tons of oil or about 42 petajoules of energy, North Korea is to walk away from its nuclear industry. This transaction isn’t in dollars. It’s in energy, in joules.
This demonstrates the scarcity of energy available in the world. North Korea didn’t choose dollars or wons. It choose the most versatile of energy sources available today. It choose oil.
Yet, this quantity of oil is less than the country’s annual oil consumption. What stability will remain once the provided oil is all gone? Will the 23 million people of North Korea be able to build lives with this amount?
(1) The Deal
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