Can someone explain to me how it's possible for gasoline consumption in the US (not to mention elsewhere around the world)to be down some 3% over the past few months while prices for a barrel of oil soared nearly 80% during that same period ????????
Today, the Organization of Petroleum Exporting Countries forecast that world oil demand in 2009 would be even weaker than previously thought.
DO NOT BELIEVE anyone that utters the words: Supply & Demand" to explain the recent runup in prices. The truth supported by the obvious facts are that once again the big boys are manipulating the value of oil and doing all they can to get the price of a barrel back up to around $75-$80. Why? Because at that level, the profits are HUGE.
Never mind that high oil prices in this economy are unsustainable. Never mind that in this great recession, any increase in the price of gasoline further cripples the world's economy. Never mind because a handful of people, companies and countries are reaping huge rewards once again at the expense of the planet's population.
The scariest part, not withstanding the economic crush on people and businesses already at the brink of financial disaster, is that these high prices are shoring up the economies of some less than friendly countries like Iran, Russia, Venezuela, Iraq and Nigeria to name just a few.
So while the usual suspects are getting richer off the backs of the world's oil dependent population, our government is allowing this speculation to continue, pushing the price of a barrel of oil to levels which are inexplicable given the current oversupply of the soupy stuff. I am predicting right here, right now that oil will be back down to $35 within a couple of months and that will once and for all confirm what we already know: Oil prices are being grossly manipulated on a daily basis by the few who can and are jury rigging the antiquitated system that keeps our world turning...for now.
What do you think?