Economic Recovery? Impossible Because…

“What do you mean that you crush my people, and grind the faces of the poor, says the Sovereign, Yahweh of Hosts?” [Isaiah 3:15] With this passage in mind can we see modern day/times applications? What about the excessive prices on oil, which is mostly seen in the price of gas? It seems that during the Bush 2 presidency the oil/gas prices were attacked by the current regime because they thought the prices were too high. But now that these same people are in so-called charge, silence! Why? Because Bush 2 was an oil man therefore he must be to blame for those high prices!

What is the truth of the matter? Oil prices are high because…for one according to John Hofmeister, President of Shell Oil Company, the old supply and demand adage, the demand for oil in Asia is high! What does that have to do with American prices Mr. Hofmeister? He goes on to say for reason number 2 oil is so high; because of the quasi moratorium on oil production, the output rate of production has been reduced to 7 million barrels per day whereas it was once at 10 million barrels per day. That is oil actually being produced right here in America! He further states that this production amount could go down to 6 million barrels because of the imposed (really) moratorium on oil drilling and production. But Mr. Hofmeister the question from Erika Miller’s interview on PBS Nightly Business Report Correspondent at; (http://www.pbs.org/nbr/site/onair/transcripts/energy_price_hikes_101228/ ) is:

Tom Hudson: But is the supply there underground to get at?
Hofmeister: Absolutely, absolutely. It’s not just the Gulf of Mexico. It’s the (Inaudible) in North Dakota. It’s the oil shale in Colorado. It’s the reserves that are off the coast of Alaska, which have just been taken away from the industry to pursue. It’s the east coast. It’s the eastern Gulf of Mexico. There’s all kinds of reserves that nobody is allowed to touch. I would say to the president, why don’t we go back to where we came from? Let’s go back to producing 10 million barrels a day. That would at least give us 50 percent of our domestic supply and by the way, it would create about three million jobs if we would go that direction.

Okay, now we have one of the experts in the field of oil extraction and subsequent product saying the oil is there in ample supply but…? And jobs are there but…? He asserts that the production levels should return to 10 million barrels a day domestically for America’s usage instead of 7 million now imposed as production ceiling. But, are these the only reasons for high oil prices? No, absolutely not! Columnist Larry Elder writes in Townhall, “Why aren’t we hunting down the amoral “oil speculators” responsible for repealing the law of supply-and-demand in order to line their pockets? (http://townhall.com/columnists/LarryElder/2010/12/30/$5_gas_predicted_under_obama_–_what,_no_pitchforks/print )

And Ed Wallace writing in Bloomberg Businessweek says basically the same thing! “Just as the U.S. economy seems about to recover, oil speculators are again ratcheting up gas prices. Don’t let them get away with it… Gasoline inventories on Dec. 17 were 217 million barrels, slightly more than gasoline inventories in the last week of February 2009—when the price of crude neared $33 a barrel in the wake of the previous fall’s financial meltdown. Likewise on Dec. 17, oil inventories in the U.S. stood at 340.6 million barrels. That’s only 10 million barrels less than we had in the last week of February 2009—again, when oil had fallen back to $33. Fact is, we have more oil on hand today (13 million barrels) and just three million barrels of gasoline less than we did at the end of January 1999, a period when gasoline prices were down near the $1 mark. As for strong economic growth dictating higher oil and gas prices, it should be noted that our GDP grew 5.4 percent in late 1998—and growth would improve to 7.1 percent at the start of 1999. Yet gasoline was a buck a gallon.” (http://www.businessweek.com/lifestyle/content/dec2010/bw20101230_850060.htm)

Here we have two witnesses indicting the manipulation of oil prices by oil speculators. In an Editorial from Transport Topics Online the following appears, “Our primary fuel story this week (click here for page 1 story) quotes an analyst warning that concerns about the future direction of the dollar have speculators rushing back into fuel markets, because a falling dollar leads to rising crude oil prices, opening up the prospect of bigger profits.” (http://www.ttnews.com/articles/printnews.aspx?storyid=25740) Let’s recapitulate: Oil prices are high because:

1. The demand is high in Asia
2. The production of oil has been reduced from 10 million barrels a day to 7 million
3. There is a moratorium on drilling for oil
4. Because of manipulation by the “Oil Speculators”
5. And let’s not forget…Greed!

The following describes the core of the current problem. Taken from the Chelsea Record Newspaper in Massachusetts the following appeared on December 16, 2010. “The heating oil scam by Record Staff
“A gallon of heating oil in today’s marketplace is $3.00 or more for consumers who heat their homes and properties with oil. Despite a near state of oversupply and little new demand beyond that which comes with exceedingly cold weather, oil should cost far less than it does today. It costs so much more than it should because of Wall Street speculation. Oil speculators drive the prices higher in today’s marketplace, not low supply which would tend to make oil [scarcer] and therefore boost up the price. Again, supply and demand means almost nothing anymore. And to make matters worse, there are no protests, no calls for reforming commodity speculation and not a bit of interest in what happens to working class and working poor apartment dwellers who need $600 to fill up their thirsty oil tanks during December, January and February. There is only complacency driving our population these days. How high would the price have to go before there would be an organized protest?” (http://www.chelsearecord.com/2010/12/16/the-heating-oil-scam/)

Okay, I have offered proof and substantiated this blog with verifiable witnesses for why oil prices are so high! But, what can be done about this? There is a lot that can be done if those in the written and spoken media take up the cause. I listen to Rush Limbaugh, Glenn Beck and I’m a faithful reader of World Net Daily and The Drudge Report. However, I do have a problem with their obsession (s) on certain people or points of interest, theirs! Limbaugh focuses on governmental issues that we the people can do little about. Sounding the alarm for the lunacy of Reid and Pelosi really changes nothing Rush, they were elected by the people in their areas and little can be done until they are voted out of office or retire. And Beck is always chasing the shadow government and conspiracy concept currently focusing on George Soros and the Weather Underground led by Bill Ayers. World Net Daily constant fixation is on the eligibility of Obama’s presidency, such as…”where is the birth certificate?” And Matt Drudge is always looking for that splash headline and story, Drudge is looking for another Monica Lewinsky moment.

My point? Use these media outlets for something useful such as exposing the corruption in the oil market manipulation and distribution. Do you think it matters to the man and woman on the street about the continued obsessions of the aforementioned? When was the last time any of you pumped gas? Oh, how could I be so stupid, you probably don’t pump gas into your vehicles, your chauffeurs/drivers do. And as for the cost, not to worry, all of you have plenty of money. And where pray tell did you acquire your wealth? From those same little people that are now being exploited by the oil manipulators et al.

I’ll close with this because I do know what is going to happen to those who do grind the faces of the poor and oppress those same poor people.
“Come now, you rich, weep and howl for your miseries that are coming upon you. Your riches are corrupted, and your garments are moth-eaten. Your gold and your silver are rusted; and their rust shall be for a testimony against you, and shall eat your flesh as fire. You have laid up your treasure in the last days. Behold the hire of the laborers who mowed your fields, which is of you kept back by fraud, cries out: and the cries of them that reaped have entered into the ears of the Yahweh of Hosts. You have lived delicately on the earth, and taken your pleasure; you have nourished your hearts in a day of slaughter. You have condemned, you have killed the righteous one; he does not resist you.” James/Jacob 5:1-6