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“possible manipulation in the oil markets”

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From the NYT today:

The split on the gas tax is a relatively rare one for Mrs. Clinton and Mr. Obama, who agree on the broad outlines of policy in most areas. They have both called for the suspension of purchases for the national strategic petroleum stockpile, a supply of oil to protect the country against sudden supply disruptions; new taxes on oil companies; measures to curb global warming; and heavy federal spending on renewable energy sources. They have also called for a federal investigation of possible manipulation in oil markets.

Ha! You mean, like, this? 

Just to be clear, the wars and threats of future wars are not responsible for the entire run up in price, as there’s clearly an enormous increase in demand / plateauing of supply at foot that at the base of this. But the “war premium” ensured that the oilcos were receiving a nicely inflated price from 2002 on, despite the fact that the US economy was falling into recession. The “axis of evil” speech, which turned loose talk into an announcement of imminent action, was given on January 29, 2002. Look again at the graph… 

Nothing would have sucked more, for certain parties, than running the last stable years of oil supply down at $10 / barrel. 

One needn’t believe in direct conspiracy, only capitalist over-determination (that, on its side, looks like underdetermination…) Things happen because they can – fields of benefit fall into place, everyone’s happy and lobbying, and then you get this sort of thing. 

Written by adswithoutproducts

April 29, 2008 at 1:52 pm

Posted in distraction, war

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