Ever consider that the oil market is being pumped to exceedingly high levels so that they could fund exploratory projects?
There is no oil shortage and ther eis no $15 terror tax on oil. There is a shortage of producible oil in existing sources. The profit margins are oil are very tight when you have to extract it, transport it, refine it and make it environmentally friendly for some countries. There isn’t enough money to go around funding these projects.
With existing sources running thin the world is hunting for new sources to tap before the other guy gets them. China and Russian are running the great Oil run in Asia to support the Eastern Hemisphere. And to boot they are trying to make inroads into South America through Venezuela. This has the old Oil Cartels actually waking up and taking notice for the first time. If they don't do anything then they will have to share the market or worse be dictated to as to what the price of Oil will be. This isn't about Supply and Demand; this is about Power and Control.
Imagine when Russian Oil companies finish their pipeline into the Indian Ocean through Iran, into the EU through the Ukraine, into China and the Pacific to feed Japan. That kind of puts the US out doesn’t it? Although the US still has its friends in the Middle East that so fondly love them, and their American way of life. I’m sure they will help the US by pricing Oil fairly.
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