Prediction: Before the rooster crows another 60 times, BP will be seeking a government bailout. If you thought the Wall Street bailout debate was nasty, wait until you see the BP bailout debate. We will be told that British Petroleum is too big to fail.
The world has grown a disturbing addiction for oil. Many oil fields around the world are headed for depletion. National statistics are unreliable at best, or classified at worst, and national oil companies control up to 80 percent of oil and natural gas reserves.
Speculators at petroleum exchanges in New York City, London, and Singapore relentlessly drive up the price of a barrel of oil to ever higher levels. These speculators are nothing but underhanded imperialist thieves manipulating “demand” for oil within the context of the demand and supply fundamentals.
