Art; Oil prices are rigged by a network beyond OPEC, when Oil prices peaked and
OPEC caught the heat they couldn't even understand it.
I use to take bunker out to super tankers, and every time we have a shortage I can show you
a build up of Fleets of these huge tankers on anchor all loaded and withholding oil from the
market. ( It's cheaper to hold that oil in super tankers than to hold it ashore in a tank farm )
also easier to fool the news media into thinking the shortage is real or the result of
OPEC quotas..the last scam almost made the news as someone looked at how much
had been shipped and Vanished , there was a little on CNC about several million barrels
that couldn't be accounted for, hell they didn't know the half of it.
-------------------------------------
The major oil companies who control most of the Tankers get together and work in collusion
they buy oil forward when its cheap, then decide when they want a shortage to
happen. One reason for artificial shortages is your .RE> If their reserves are not very good quality,
Well most all oil companies have a number of wells that have used most of the reserves
and are "marginal", they want to get ALL the oil out of the reserve before capping it
however it cost more to get that oil out and it's not profitable unless prices are up.
So every so often they do things to run prices up strip the marginal wells, then cap them.
Very little of this has any thing to do with OPEC, except that OPEC catches the heat
and sells a lot of oil forward when prices are down in short they get screwed right along
with you and me.
-----------------------------
I don't understand with our Satellite systems how they miss seeing the fleets or think nothing of
them when there is suppose to be short supply.
---------------------------
Now days with our improved technology they don't drill dry holes, on top of that we can
drill deeper , faster and cheaper than ever before ( in real dollars ).
The actual cost of getting it out of the ground has dropped over the years,
even though we go further off shore , and drill deeper it's still cheaper than it
was to drill 20 yrs ago. The whole show is rigged..they could if they wanted
to make a profit on most of the wells at $8 a barrel.
Of course they will never admit it.
---------------
I've spent about 30 yrs working the offshore oil fields and they are just as
crooked as any Mafia you ever heard about but a lot smarter.
Hell most OPEC oil is so easy to get at they could make a profit at
$3 a barrel.
Jim |
