OPEC Chief: "There is no shortage of oil"
OPEC chief, Abdullah al-Badri, spoke today at the Reuters Energy Summit in London letting the world know that there is not a global shortage of oil and that the high price of gas is driven up mostly by economic speculation.
Fancy he should say that because, I just read today that the U.S. Energy Deparment issued a report telling Americans to get used to these high ass gas prices. Funny, because that sounds like they're speculating.
So, if the countries who are selling the oil to us are saying that there is no shortage of oil and our goverment is telling us that an oil drought is driving up prices, then theres some 'splaining to do. According to al-Badri, most of the money incorporated into gas prices is actually taxes. So what's actually happening is that instead of these companies paying these taxes out of pocket, they incorporate it into our gas price. To add insult to injury, they are hyper-inflating the price of gas based on a SPECULATION. I'm sorry but that sounds like some Ms. Cleo shit. Because there is no regulation on these speculations and how it affects market price, these gas companies can charge what they want, without having to explain their RECORD profits. Al-Badri has urged world leaders to get in a room, do the math, and hug it out until they find a solution. From the tone of his voice, he seems pretty confident that the numbers confirm the adequacy of global oil production. In conclusion:
DON'T BELIEVE THE HYPE!!!
The life is being sucked out of us because of a lack of governmental regulation on these oil companies. Its a shame what these Republicans are doing.
If you aren't drunken with rage yet, then let me borrow your gas card.
Watch the video of al-Badri here.
