In February of this year Turkish troops stormed across the Iraqi border for a three-day battle with guerrilla forces. The price of crude oil rose over $2 from that skirmish. Three weeks ago on April 25th a cargo ship working for the United States fired warning shots at approaching Iranian boats in the Gulf. This resulted in a $3 increase in the price of crude oil. Earlier this week a devastating earthquake hit China. Oil has now increased about $5 because of that tragedy. The official explanation for this latest price increase is that there will be a big increase in demand for oil because of the earthquake.
My View
What’s my point? Simple; no excuse is so trivial that it can not be used to raise the price of oil. So don’t be surprised to hear of a huge oil price increase on news that President Bush got laryngitis (or something) and can no longer “negotiate” with OPEC to bring the price down. What this all amounts to is the price of oil is not where the oil companies and the traders want it to be, so they will resort to more of these trivial and insulting excuses. But they don’t have to worry about explaining it to the American public and those who are being destroyed by these prices; The news media is more than happy to justify it for them. Ali Velshi & others of CNN, CNBC, and Fox News is all they need to “explain” things.
In case you didn’t hear about it, the school that was destroyed in the earthquake in China was a very new building. Already the Chinese government is saying that the builders used sub-standard building materials and the builders may be executed. That is exactly why corporations and business have to be regulated. Without being regulated with force, there is no limit on how low businesses will stoop for money. And don’t think for one second that just because we are “Americans” our business leaders wouldn’t do the same thing as those Chinese school builders did just for a bigger profit.
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