“Foolhardy perhaps. But brave nonetheless. Taking on the entrenched might of the oiligarchs, their vested government cohorts, the financial world’s speculation driven excess, the lame oversight agencies and just the rote power of all that oil money pushing to keep the status quo intact requires a remarkable spirit and act of faith. Are the good souls of FairFuelUK dreamers. Probably yes, but it is well past time some began the Herculean task of taking on the oil gang and all their vested hangers-on. No easy task.
To set the stage clearly please appreciate that no less than three years ago on July8th, 2009 Prime Minister Gordon Brown and French president Nicolas Sarkozy joinly scripted an opinion piece “We Must Address Oil Market Volatility: Erratic Price Movements In a Market of Such Importance is Cause For Alarm”
http://online.wsj.com/article/SB124699813615707481.html for the Wall Street Journal which
the WSJ in their wisdom printed on their opinion page below the fold.
The article voiced their deep concern over “dangerously volatile” oil prices that defy “the accepted rule of economics.” Clearly leading from the top has not done anything to change the mores nor deter the entrenched interests to push for ever higher oil prices. Only a month ago the price of oil jumped some 9.36 percent on the most specious of reasons in one days trading on the world Commodities Exchanges or a move of some $7.27 for WTI (West Texas Intermediate). At $7.00 per barrel, times the world’s daily consumption of some 85 million barrels, you do the sums on the massive transfer of the world’s wealth to the pockets of oil interests on this one day’s price movement alone (also please see “Oil Price Skyrockets 9.36 Percent in Friday’s Trading. Supply and Demand, Eh??” 07.02.12) http://www.huffingtonpost.com/raymond-j-learsy/oil-price-skyrockets-936_b_1643325.html
Clearly the oil market is manipulated. In 2005 and with an updated version in 2007, I published “Over a Barrel: Breaking Oil’s Grip On Our Future” which detailed at length the impact of the OPEC cartel on the oil market and its quiescent allies in the halls of government in the U.S. and abroad happily cheered along by the non OPEC oil producers (high prices for OPEC mean high prices for Shell, Exxon, et al.). It is a horror tale of money buying government policy.
But of course OPEC is not the only player in the game. There are the commodities exchanges be they in New York, London, Singapore, Dubai and on, where the price of oil is purportedly traded to reflect unfettered supply and demand, and on which the price of oil is bought and sold. Yet, near 70 percent of the contracts traded are by speculators who have no industrial nor commercial rationale to buy or sell crude oil and myriad downstream petroleum products from heating oil, diesel, gasoline of course and on, other than playing casino with the oil market. They are neither producers nor end consumers, and some, given their financial clout are able to move markets simply to profit from trading. (please see “Banks in Collusion With The Fed Shamelessly Spike Up Price of Oil/Gasoline” 07.18.12) http://www.huffingtonpost.com/raymond-j-learsy/oil-price-skyrockets-936_b_1643325.html
But, please don’t take my word for it, especially so when one can turn to the Darth Vader of all things oil, namely Mr. Rex Tillerson, Chairman and CEO of Exxon Mobil. In hearings before the Senate Finance Committee in Washington on May 12, 2011, Mr Tillerson quite courageously informed the Committee that the price of oil then near $100/bbl, should be no more than $60-$70/bbl
One would have thought testimony of that dimension of authority should have bestirred myriad government agencies and perhaps have been a wakeup call for an ever somnolent press on this core issue. But no, all continued as before. Yes there was something called the Oil and Gas Pricing Fraud Panel organized by the U.S. Justice Department in April 2011 from which we have not, as yet, heard a peep.
Therefore, my fellow dreamers at FairFuelUK dream on, because the only way the cards, as they are currently being dealt are going to change is if enough people understand how they are being taken to the cleaners by the moneyed players. That they must stand up as one voice to demand government action. Your work is important and sadly in many ways, you are one of the few tillers of the soil demanding that change.”
FairFuelUK, encourage key opinion formers to send their views and comments about fuel pricing issues.
Raymond J. Learsy: Author of “Oil and Finance: The Epic Corruption Continues-2011/2012” “Oil and Finance: The Epic Corruption-2006/2010”
CLEARLY THE OIL MARKET IS MANIPULATED. IT IS WELL PAST TIME SOME BEGAN THE HERCULEAN TASK OF TAKING ON THE OIL GANG AND ALL THEIR VESTED HANGERS-ON.