Who’s to Blame for Price of Oil?
June 24, 2008
As mentioned previously by Freeborn, the increase in oil prices may not be linked directly to peak oil.
As mentioned previously by Freeborn, the increase in oil prices may not be linked directly to peak oil.
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As previously mentioned,Bill Engdahl is on the case at his own site and frequently on GlobalResearch too.He contends that a good 60% of the price is down to speculation.
Well done,RNN for fingering the speculators in this coverage.
BBC naturally,as in 1973,followed the government/oil corporation propaganda line.We were obviously meant to swallow whole the implication that Brown’s Saudi visit signalled his determination to stand up to OPEC when the reality is that oil price controls or the lack of them are in the hands of Wall St.,the City and the big oil corporations.
Nor of course did the BBC point out that OPEC was a British creation in the first place.The cartel was created as a means to keep the producer nations in check and create a uniform price for the benefit of the companies.OPEC was meant to set a floor under the price as well as to provide a convenient scapegoat.King Abdullah is objecting here to the imputation that producers are to blame for price hikes.
It is the oil cartel and the spot market or futures speculators who control oil prices not OPEC.Britain is the key player whose real role in controlling both the supply and price is covered by the presence Big Oil and OPEC in the cycle.
The controlling cartel is not OPEC which is merely a Potemkin cartel but the contemporary descendants of the original oil companies like Royal Dutch Shell,Anglo-Persian(BP today),and Standard Oil whose assets are channeled through Wall St.and the City.Producers by definition have the oil but more importantly the Seven Sisters Anglo/US cartel has the means,with their oil-bearing supertankers currently put in a holding pattern on the high seas.
Brown could have saved taxpayers the cost of the airfare if he was really interested in insulating British consumers from the current hikes.The guys he needs to talk to are on his doorstep not in Saudi.
But of course nothing is further from the wily old swindler’s mind.
As the US and Israel are said to be on the point of attacking Iran it might be worth noting that in 1978 when West Germany and France had been intent on forging new oil and trade deals with Iran and other oil producers to underlay their envisaged European Monetary System the US signed up for the British plan to destabilize and punish Iran.
The circumstances are not dissimilar today as Iran again has cultivated new countervailing alliance networks that threaten the IMF/dollar-based system’s supremacy.At that time a comprehensive nuclear development programme was already well underway in Iran.It was backed primarily by W.Germany and France with outright opposition to the programme in Washington.
The Shah had a record of involvement in petroleum deals outside the Anglo-US BP cartel that nettled Washington and London.Deals in the 1970s with state-owned ENI company in Italy and a mooted one with the Soviets threatened the exclusive hegemony of Anglo-US oil and financial interests.
Then as now the Kissinger-Rostow plan to use the diplomatic crisis with Iran to increase the US military posture in the Gulf was abetted by Mossad.