Apr 27, 2008

U.S. Ship Shoots at Iranian, Oil Price Leaps--War Policy Drives Oil Prices, not OPEC

This financial clip below marks the real reason behind gas at $3.69/gallon vs. $1.25/gallon when Bush entered office. It's not supply and demand, nor OPEC squeezing us. It is neocon (both U.S. and Israel) war-mongering in the Middle East which makes the future's traders bid up the price of oil based upon war fears alone!

That war fears drive oil prices is well documented, even by the most bias sources, like this one:
...the actual oil price patterns observed in the cases previously examined (the First Gulf War, 1990-91; the Taiwan Strait Crisis, 1996; Operation Desert Strike, 1996; Operation Desert Fox, 1998; the Libyan Operations, of 1986; the Gulf Shipping Crisis, 1987; and the Iraq-Kuwait border confrontation of October 1994) followed a fairly similar pattern. Prior to a crisis, oil futures market curves generally slope upward.
Also this from Bloomberg, as to why the financial "betters" (profit-mongers who contribute to future's inflation) on oil have been wagering it will rise to $125 per barrel, at your expense:
Tensions between Turkey and Iraq over Kurdish militants as well as over Iran's nuclear program have also helped drive oil prices higher.

Instead we hear nonsense and propaganda on talk radio (Listen here for a clip on oil and gas prices with Mike Agnello on 58 Live) that "OPEC is mostly our enemies" in the Middle East (Saudis are best friends with Bush s and D.C., and U.A.E. is as well), that our limiting supply. Not true, not true at all.

Secondly, OPEC's share of world crude production is now less than 30 percent. Iraq, an OPEC country, is producing below historical levels, not because of OPEC, but because the U.S. invaded it, without just cause.

Third, OPEC's production has been "holding" steady, not decreasing (per a bias Wall Street report), while our previous article below shows that global demand has grown only 2 percent, while U.S. demand has decreased. Therefore, the oil prices cannot be driven due to a decline or "pinch" in supply by OPEC. Recall again, that Iraq's production has declined due to U.S. invasion.

The evidence is clear, it is neocon war-mongering, principally, that began with the Bush administration--an administration uniquely stacked with oil executives--that is driving oil prices. Now Americans are paying for the economic cost of war at the pumps which is setting inflationary records on other consumer goods as well. War-mongering, against Iran, like both Democrats and Neo-republicans have been doing, since a year ago, has contributed to this increase of another dollar per gallon! Until the war policy changes, whether a Democrat or Neo-republican is in the White House, it is now forecast to double in the next four years, and prices will be to $4 per gallon on gas this summer!


clipped from www.marketwatch.com
Oil jumps over $3 after report on U.S. shot toward Iran boat
SAN FRANCISCO (MarketWatch) -- Crude-oil futures jumped more than $3 in mid-morning trading Friday after news reports that U.S. military force fired at an Iranian boat. A ship contracted by the U.S Military Sealift Command fired at least one shot toward an Iranian boat, Reuters reported, citing an unnamed U.S. defense official. More details were not yet available. Crude-oil for June delivery gained $3.04, or 2.6%, to $119.10 on the New York Mercantile Exchange after the news. Crude was trading higher before the report but was up less than $3. End of Story