The Fix for High Gas Prices
The Intel Hub
By Dean Henderson
March 19, 2012
Last week cowardly Republicans, pockets lined with oil industry campaign dollars, attempted to blame President Obama for the recent surge in gas prices. Their asinine solution was, as usual, “Drill Baby Drill”.
Oil drilling has been on the rise in the US for the last few years. Hundreds of wells in Louisiana and Texas have been permitted and capped. Germany and Japan – two countries that drill virtually no oil – pay the same as we do at the pump.
But these are mere facts and Republicans are the party of slogans and fear. Facts are meaningless.
Equally lame was the MSNBC-led liberal media response to the attacks on the President. One by one repeater commentators from Ed Schulz to Keith Olbermann laid down the party line that, “there is nothing Obama can do about oil prices”, even citing a Fox News report to bolster their rickety Beltway thinking box.
The oil market, like most markets in this post-free market phase of monopoly capitalism, has nothing to do with supply and demand. It has to do with two things: speculators and an oil cartel I call the Four Horsemen – Exxon Mobil, Chevron Texaco, BP Amoco and Royal Dutch/Shell.
After decades of secret agreements, refinery shutdowns and mergers; this Rockefeller/Rothschild-owned cartel has the citizens of planet earth by the proverbial balls. No amount of drilling will fix this.
Short of nationalizing Big Oil, what is necessary – as I have opined several times before in this space – is simple enforcement of both the Sherman and Clayton Anti-Trust Acts.
Exxon & Mobil should be broken up into separate companies. Ditto Chevron, Texaco and Unocal. Ditto BP, Amoco and ARCO. Ditto RD/Shell and Pennzoil. Ditto Conoco and Phillips.
There is simply no competition in the oil markets.