Are we being conned?

[claymore]

Does anyone really believe that the world oil price is not being manipulated, read this and make up your own mind.

http://www.atimes.com/atimes/Global_Economy/JE 24Dj02.html

ps with thanks to Mortartube

[Gromit]

Bush is an oil man. His election was paid for by donations from oil companies. His cabinet is full of appointees from oil companies. His wars have all been about oil. When he was elected, oil was $11 a barrel. Today it is $130 a barrel. Payback time.

[jake-the-peg]

Do your homework

http://en.wikipedia.org/wiki/F._William_Engdah l

Engdahl now believes in the Russian hypothesis that oil is not a "fossil fuel" but is produced underground by unknown materials, conditions and forces deeper down in the Earth's core.


And you believe this man?

[nedflanders]

Well according to this reports of oil stocks running out are not to be believed.

http://news.bbc.co.uk/1/hi/scotland/7435016.st m

[Lakitu]

We are NOT running out of oil, despite what the media will tell you.

[RevFunk]

Why is a cartel like OPEC allowed???

[jake-the-peg]

It's not an issue of stocks running out.

It's a matter that the market demand for oil is pretty much the same as our ability to supply it.

Put simply we can only just get it out, refine and distribute it as fast as people want to use it.

With the developing world demanding more all the time the problem may well be about to get a lot worse which is why speculators are setting high future prices.

Incidently Engdahl is a serial conspiracy theorist - he also believes the US Government created HIV and a bunch of other wacky things.

[jake-the-peg]

In the other fuel thread I posted


http://www.eia.doe.gov/steo

The oil supply system continues to operate at near capacity and remains vulnerable to both actual and perceived supply disruptions. The supply and demand balance for the remainder of the year is tighter than in last month�s Outlook. World oil markets are particularly tight during the first half of 2008, with year-over-year growth in world oil consumption outstripping growth in non-Organization of the Petroleum Exporting Countries (OPEC) production by over 1 million bbl/d.

This is from the US DOE site and represents official figures

I asked Lakitu to backup these statements

I've yet to see any such substantiation

[youngmafbog]

The 'myth' of oil running out has been around for many decades. The main reason is that companies do not look for oil more than will suffice for 25 years or so into the future, ehy would they? In addition much oil is not financialy viable to dig out nuless the price is hiher.

Although I would not entirely believe this report much of it I have seen elsewhere in the past. It is possible to drive up prices of oil stocks just like it is possible to drive up falsley share prices (ask certain Daily Mirror Editors!).

Of course this will not continue and is in effect a gamble for many punters. Just watch for the big boys dumping out before it all goes t*ts up. The big question is when of course.

[jake-the-peg]

I wish I could believe that.

But China's oil usage has increased 7% per year every year since 1990.

We might get some breathing space if America hits a recession and uses less oil but that won't last for ever.

The population of the planet is growing and people want more oil not less.

Still David "Hug-a-Husky" Cameron might be in power before long and he's been talking about upping tax on fuel!

I'm not holding my breath to see diesel and petrol down below �1 a litre