On a cool summer day in London in 1951, an American CIA officer told three British oil executives about a top-secret U.S. government plan. The goal was to ravage the Middle East oil industry if the region were ever invaded by the Soviet Union.
I follow oil pretty closely given our exposure. As such, I get frustrated with many press and news show accounts of the commodity. It gets worse when the pundits and writers should know better.
Since the start of 2016, oil prices have swung between $27 and $42 per barrel, about a quarter of the 2008 peak crude oil price of $145. On February 16, oil ministers from Saudi Arabia, Russia, Qatar, and Venezuela agreed to a tentative deal to freeze their production in an attempt to boost prices.
I was planning on doing an in depth article about why everything is getting more expensive. It’s a perfect storm of high oil prices, weak US Dollar, high food prices, weak economy and unsustainable wars waged by the United States. Its a fairly complex problem with a very real and simple outcome: Us average folks get screwed. We have to cope with high prices for everything, unemployment, and uncertainty about the future. Instead of doing the long article I was thinking about doing, watch this short video clip from GOOD Magazine about Oil Addiction. It does a decent job of quickly summarizing what is going on in the world to create all of this havoc.