The Four Horsemen Behind The Oil Wars, by Dean HendersonQuicklink submitted by John Smith Permalink
|While Americans are robbed at the gas pump, Exxon Mobil will this week report a 60% increase in its quarterly net profits to a cool $10 billion. Royal Dutch/Shell will report a 30% increase. A number of other reports say the price of oil should currently be $65 - $70/barrel if it were based solely on supply and demand, but speculators have driven the price to over $110/barrel. The price of gasoline and food could be contained to the level dictated by supply and demand if the SEC would ban using margin accounts for futures trading. Not surprisingly, the big players trading oil and other commodity futures are the politically well-connected Wall Street banks (Goldman Sachs, JP Morgan, and Morgan Stanley). Corporatism continues to transfer wealth from the majority to the well-connected few.|
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