Monday, September 15, 2008
In the history of confidence schemes, scam artistry, grifting, and flim-flam, perhaps no single entity has been as successful at it as the oil companies.
They have successfully conned the American public into believing that the price at the pump is tied to crude supply - then using the fear of price increases to push for a lifting of the moritorium on offshore drilling. It is a bait and switch scheme being perpetuated on a massive scale.
Case in point - today on CNN online, the following two stories were running simultaneously:
Oil Prices Fall To Seven Month Low
Gas Prices Surge Nearly 5 Cents
What's really to blame for price increases at the pump - SPECULATION!
According to congressional report released last week, speculation - not global supply or economic conditions - was the single largest factor influencing the price of gas.
"It was not rising demand and falling supply that drove the prices up. Because, OPEC said this week that it is going to cut crude oil production, because there is excess oil in the market. Thus, the theory of supply-demand-driving up oil prices is a clever ploy from speculators and manipulators," says Commodity Online's Nandita Sen.
Remember folks - offshore drilling is NOT THE ANSWER!