| No doubt about the pawns in this international | | | | the oil and finance companies. |
| game of chess. The general public, the six pack | | | | Then there are the oil futures markets. The |
| majority, the middle class, the poor, come to | | | | International Petroleum Exchange of London was |
| think of it about anyone without a major financial | | | | one of the largest in the world but in 2001 a |
| interest in oil fits the Webster’s definition of a | | | | company that had been formed just a year |
| pawn; “a person used to advance | | | | earlier, a company called InterContinental |
| another’s purposes. | | | | Exchange (ICE), purchased it. How could one of |
| So if most of us are pawns who are the kings? | | | | the largest futures exchanges in the world be |
| Think about it. If you believe Congress, the news | | | | taken over by a relatively unknown company? |
| media (at least the broadcast news media), the | | | | The company was taken over by 13 equity |
| administration and the analysts you can pick | | | | investors when it began and the gang of 13 has |
| between the major international oil companies, oil | | | | made ICE into one of the most profitable |
| producers, China, or the gas guzzling Americans. | | | | operations in the world buying and selling oil and |
| There is no agreement and it is almost as if there | | | | other commodity futures. Who were the 13? |
| is no thought about it. | | | | Three of the largest oil companies in the world |
| The oil companies and oil producers are making | | | | – Royal Dutch Shell, BP Amoco and Total Fina |
| record shattering profits. Are they the only ones | | | | Elf, two of the top investment banks on Wall |
| benefiting from the astronomical profits being | | | | Street – Goldman Sachs and Morgan Stanley, |
| made in the oil industry? Hardly! No the river of | | | | two of Europe’s leading financial institutions |
| greed flows in many directions including the | | | | – Deutsche Bank and Socit Generale, and six |
| financial houses underwriting the oil business and | | | | US energy companies – American Electric |
| managing their money who also provide the | | | | Power, Aquila Energy, Duke Energy, El Paso |
| depressing analysis that seems to drive the price | | | | Energy, Reliant Energy and Mirant. |
| up every day. | | | | Now ICE claims over 300 companies are equity |
| So why aren’t the network news people or | | | | owners. ICE is doing what it is intended to do, |
| our elected representatives in our nation’s | | | | making a lot of people and companies very, very |
| capitol asking questions about it? Americans have | | | | rich and ICE has no responsibility for what |
| reduced their use of oil. The inventories in | | | | happens to the pawns at the other end of the |
| America are the highest in years. Future demand | | | | energy network. Note that Shell and BP both had |
| is certain to go down with the 40% increase in | | | | record profits the 1st quarter of this year. No one |
| hybrid cars and reduced driving. Weather has | | | | should be denied the right to make profits, even |
| been warmer than normal thus reducing heating oil | | | | outrageous profits, as long as they were made |
| demand. Every economic indicator says the price | | | | using fair business practices. |
| should be dropping, not rising to record highs. | | | | So what about the investment banks and financial |
| Where are the outraged congressmen, senators, | | | | institutions owning part of ICE? Could that cause |
| presidential candidates, governors and media, the | | | | any problem? It depends on whether these |
| so-called protectors of the people? Are they for | | | | institutions use their own analysts to try and |
| real? Or are they simply in the pocket of the | | | | manipulate the oil futures market and elevate the |
| kings of the oil profits, the oil barons of the 21st | | | | price of crude oil. When an analyst specializing in oil |
| century? Well the campaign contributions seem to | | | | goes on TV and says the weather or war or the |
| indicate they have been bought off. So do the | | | | unstable economy in America is driving up the |
| millions of dollars being spent on advertising by oil | | | | price of oil and we should brace ourselves for $4 |
| related industries. | | | | a gallon gasoline, the oil price goes up. |
| The price of oil is set by two things primarily, the | | | | If that analyst is from one of the many |
| policies of OPEC, the Organization of Producing | | | | investment banks or financial institutions owning |
| Countries, and the oil futures markets of which | | | | equity in ICE, and their analysis sends the oil price |
| one of the largest is the London futures | | | | in an upward spiral, then one wonders if a conflict |
| exchange. Saudi Arabia controls OPEC and Saudi | | | | of interest may be present. What is Congress or |
| Arabia has just said it will do nothing to reduce | | | | the FTC or SEC doing to check on the potential |
| the price of oil. Thank you and goodbye. | | | | for conflicts of interest between oil producers, |
| Of course Saudi Arabia is one of the prime | | | | financial institutions and the futures market? Does |
| beneficiaries of the war in Iraq financed by the | | | | anyone even care? |
| USA at a cost to date of about $500 billion, yes | | | | Well hopefully when the presidential candidates are |
| 500 billion dollars according to the Congressional | | | | accepting the millions of campaign dollars from |
| Budget Office. The same Al-Qaeda terrorists | | | | these industries they are not making promises to |
| after us hate the Saudis even though Osama Bin | | | | continue to ignore what is devastating to the |
| Laden is from Saudi Arabia. He says the Saudi | | | | Pawns across America and the world. |
| kings sold out to us. More likely they sold out to | | | | |