Worried about the rising cost of oil?
You should be.
According to media blurb, the rise in oil price, closing on $100 per barrel and trumpeted by NBC, CNN, and others with all the vigor and excitement of a mammoth lottery payout, is happening due to speculation over low reserves in the US and fear of a shut down in the Middle East.
No-one ventures to suggest where lies the responsibility for these huge increases, muttering vaguely of speculators, OPEC, and Arab uncertainty, whenever the subject is hinted at.
There is one person directly responsible; or, at least, one group of people. The President of the United States and his administration.
The Iraq war was the single over-riding factor responsible for the increase in oil prices since 2003.
Since then, while seesawing drastically, the price rose to well over $3.00 in summer 2006, and today is presently close to $3.50 in some areas and heading for $4.00 per gallon.
While some analysts would deem it too simplistic to place all the blame on George W Bush, citing Hurricane Katrina and other factors as relevant to the overall picture, I find those elements superfluous. If the Iraq war had never been waged, they would have created mere hiccups, soon remedied. As it was, they simply added to the overall problem.
However, it is not only the Iraq war that is fueling today’s high oil prices. George W Bush has maintained throughout his presidency that the economy of the US is strong and healthy. If that is so, why has the US dollar been diving to all time lows on the international currency markets for the past five years, as verified by this graph of the dollar against the UK pound:
So low has the dollar now sunk, that investors are moving away from it and into oil, further accelerating the rise in price and guaranteeing the figure will push way beyond the $100 per barrel mark.
The only achievements of George W Bush and his cowboys in the eight years of their reign, has been to devastate the Middle East, slaughter God-only-knows how many in the process, and decimate the US economy by allowing the corporates to dodge their tax obligations and ship most of their production to foreign nations.
It is US citizens, and the rest of the world, who are now reaping the results of this human and economic carnage.
Filed under: Fleecing the world