Monday, June 30, 2008

Madman Ahmadinejad tells the truth: Calls oil price hikes ‘manipulated’

Specifically he said, “At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising, and this trend is completely fake and imposed.” He ironically attributed the oil price manipulation to “visible and invisible hands.” ...

Ahmadinejad underlined the fact that “The price of oil is skyrocketing in order to secure economic and political gains.” Could that possibly be? Yes. “Speculation is the reason behind the increasingly
high prices of crude, not a lack of supply,” the ‘provocative’ president added.

2 Comments:

Blogger Meatball One said...

A significant and driving chunk of what's being termed as speculation is comprised of down-to-earth businesses (airlines, agrobiz, bla, bla) trying to lock in numbers for future fuel expenditures so they can budget their way forward.

Anyone care to deduct this reasonable speculative activity from conspiratorial speculation at large -- and show me the Xymphorian Rothchilds behind the price surge? (I'd be the first to suck it up.)I'm not straining my sphincters so as to be facetious - Break down this jive of speculative pour little ol' moi...that is, beyond the realms of the anecdoatal.

8:13 PM  
Blogger AitchD said...

We know 'bankers' is 'code' for our Semitic brethren, and the speculation to lock in and hedge against higher prices is much more recent than the big spike surge, but two factors are not recent:

1. Oil has to sell for at least $100/bbl before the tar-sand oil reserves between British Columbia and Saskatchewan will be profitable enough to convert on a large scale.

1. a. All the major oil companies have been on board in those reserves since 2002;

1. b. It's why Canada is our number-one supplier of oil.

1. c. see here:
http://www.newyorker.com/reporting/2007/11/12/071112fa_fact_kolbert

2. Consumer credit card sales at the pump give the MC/VISA/Discover/AmEx bankers between 2-4 points off the top. Huge windfalls* for the banks when they need billions and fast. You pump and swipe $50, the station merchant gets $48, the bank gets $2, you owe $50.

No news junkie I, but I'd like to hear from a news junkie who's heard any syllables about the Canadian tar sands oil or the credit card windfalls.

* windfall doesn't describe it, it's bigger than a cyclone deluge of money, and besides, the banks' expenses remain more or less fixed for those transactions

11:27 PM  

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