The oil crisis

The oil crisis facing the world, is not about supply or about the increase in demand. It is about the speculators who are pumping huge amounts of money into forecasting a serious shortage ahead. Not now but in the future. And that the prices will escalate enough for them to make a killing. If one looks at the real picture, there is no shortage of oil, there has been no shutdown of any major producer, nor has there been a sudden jump in the import from any large consumer. The Chinese import for their industrialisation is not more than 10 percent annually. This is certainly not enough for the huge jump in the world crude rates. This jump is matched by the phenomenal profits of the oil companies and of course the oil producing countries. The thirst for profits of the oil traders has benefited the oil producers - Iran being a major beneficiary.
The US government must be wondering at the irony of this windfall benefiting a prime enemy of American and Israeli interests at the cost of millions of innocent citizens of the US and Europe, engineered by the greasy gnomes of the oil trade. There is no threat of an oil embargo, nor of a war, it is just pure speculation, funded by the huge mountains of American and European cash at the disposal of the Soroses of the Oil trade. They stand to make a killing at the expense of hapless citizens of the world. As I had written in an earlier piece as far back as 2005, when an attack on Iran was imminent, that the rise in oil at 100 $ a barrel would impact on the food prices has proved prophetic with the current sky high prices of bread in Europe and America.
In the meantime we poor Pakistanis are suffering with 50 percent living below the poverty line, and many more being pushed under thanks to the current oil crisis which has managed to create tsunami that is a threat worldwide. With no remedy in sight. Electricity riots are already a common sight but the frequency of breadlines breaking into riots is increasing daily, not just in Somalia but in parts of the third world where we thought wheat was never in critical shortage. The riots in Pakistan are for two reasons. Firstly, the price - a worldwide phenomenon, and second, a physical shortage due mainly to incompetence in the many layers of our government.