04/10/05

"[E]veryone is looking at culprits in the wrong place, blaming wasteful energy use, OPEC production quotas, monopolistic oil companies and/or conniving oil traders. In fact the real culprit behind these higher oil prices is the Bush Administration, which, thanks to its massive deficits and tax give-aways to the rich and corporations, to its war spending, and to its failure to combat unprecedented and ever-larger trade deficits, has been causing the dollar to plunge in value. Oil is a commodity and it is priced in dollars. If dollars decline in value, then the price of oil will rise in inverse proportion. ... And this situation is likely to get only worse. Some Wall Street oil industry analysts are now predicting that oil could, before too long, hit $100 a barrel. What they are saying really is that the dollar is likely to fall in value by 50 percent...

http://www.counterpunch.org/lindorff04092005.html

from CounterPunch, by Dave Lindorff


Informant: Thomas L. Knapp