End Game: The Energy Scam

George Bush lifted bans on offshore drilling, explaining that this will not only increase our domestic supplies, but will also remedy recent drastic increases in the price of imported oil. Now, oil companies already have more than 2,000 leases on offshore oil that they haven’t even begun to drill, and then there’s all the producing oil wells in Texas and Oklahoma that Ronald Reagan’s administration ordered capped (and labeled ‘reserve’) after taking office in 1981 (and which caused a rather drastic immediate recession in those states as well as contributing to the infamous S&L collapse. The very first bank to collapse – Penn Square Bank in 1982, was heavily invested in those producing wells when they were ordered shut down. That cost We the People $150 million. The current and ongoing bank failures will cost us a lot more.

Meanwhile, the New York Times reports a Possible Industry Role in Energy Shortage, as Big Oil companies sought as long as five years ago to cut refinery output to increase profits. And cut back on new refineries is just what they’ve done.

But fear not! Bloomberg reports that Kuwait may build a refinery in Louisiana to help the US boost its capacity for refined petroleum products. As we fall further and further into deep recession/depression due to $5 a gallon diesel, $4 a gallon gasoline, and the fast-rising price of food, shelter and clothing based on that.

I probably don’t need to say it, but this is really bullshit. Bush/Cheney aren’t done robbing us blind yet? We’ve something MORE for them to steal before escaping to Paraguay? We’ve been set up for a fall, and now that we’re actually falling (with no sign of bottom yet), they expect us to clean up their mess with wealth we simply don’t have anymore? They looted our retirement funds. They screwed us on our mortgages. They blew everybody big time on WMDs in Iraq. And now… NOW we’re told…

…that the US oil industry is exporting a record 1.6 billion barrels a day of refined petroleum products, up a full 1/3 over last year.

Now, I realize that I’m not that smart about this sort of capitalistic crap-shoot, but it occurs to me that if the US had those 1.6 billion barrels a day of gasoline and diesel fuel we might not be falling off the economic cliff at an accelerating pace. And it occurs to me that we’re being told that the BushCo oil wars (now threatening to ignite the entire ME) are all about ’securing our supply’ – even though the truth is that our biggest foreign supplier is Canada, NOT Iraq, Iran, or even Saudi Arabia.

And with all this bruhaha about domestic supply – selling offshore and protected wilderness areas for drilling, capping producing wells, exporting a third of our domestic production – I’m wondering if the price of the oil they’re importing and charging us an arm and a leg for is LESS than what they receive on the world market for what they’re exporting.

I get the very strong feeling that they’ve screwed We the People yet again (that feeling just never goes away), seriously planning to turn us into just another Third World “Resource Region” for their total expoitation.

It’s their End Game. We have no choice but to play it.

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Filed under Analysis, Corruption, Depression, Economics, Energy, History, Market Crash, Recession | Comments (2)