Controlling the Oil Supply

Controlling the Oil Supply

Years ago the auto companies bought streetcar outfits and tore up the tracks.In a similar fashion the oil firms have secured alternative energy patents and have accumulated great numbers of oil leases.They are not increasing refinery capacity or oil exploration.

The President has suggested offshore leasing and opening the Alaskan Wildlife reserves. He doesn't mention that fruition of these projects is eight to ten years away. Also, he fails to say the oil companies do not intend to start drilling in these areas.

The oil company's tactic is to administer gas prices by having a lock on the supply side. There is no legal way to accomplish this. They need the complicity of corrupt officials and mis-informed consumers.

The US Iraq war effort aimed to extort 71% of existing oil well revenues. The oil companies wanted a 49% hunk of new oil finds.

After Iraq resisted this effort for several years, the President threw a candy to the companies: leases offshore and in Alaska.

Through NAFTA the US has first option to buy Canadian tar oil extractions.

For years now most OPEC nations have nationalized oil production. Thanks to this the Norwegians have the highest per capita income.