The US and OPEC are looting all countries. This was one of the main reasons why the US got involved in Iraq. Iraq under Saddam Hussain, started converting Iraq%u2019s Forex reserve into EURO. This was THE threat to US, and not any WMD. US deficit economy is being boosted by regular and continual supply of Petro-Dollar.
The rulers of the middle east countries very well knows that till they side with US and keeping boosting the US economy, they have nothing to fear, democracy or no-democracy, atrocities or no- atrocities. The US of course can not dump these rulers and risk an economic collapse.
Iran, does not toe the line and seems outside the control of US. The biggest threat to US is not the Nuke but Petro-dollar. To be precise absence of petro-dollar. So we should not be surprised if Iran and Venezuela comes under US pressures , even military intervention, to protect US economy. In near future, as Russia becomes more stronger, and starts aserting itself, we might see conflicts between US and Russia.
As on now, it is a win-win situation for US and the OPEC. The OPEC loots the world with high crude price and parks it with US ( the global Cop ). The global cop sends its soldiers and fighters to any country that challenges it%u2019s Economy , directly or in-directly. And control other countries with the carrot %u2013 aid.
RE:The big loot by US and it's Cronies
by Bharat Kumar on Apr 30, 2008 11:50 AM Permalink
The cost of production of one barrel of crude by Saudi Arabia is USD15. However, the selling price is USD120/ barrel ( today ).
The non- OPEC world can get out of the vicious cycle, only when they convert their Forex to a basket of currencies other than US Dollars.
RE:The big loot by US and it's Cronies
by Harsh Kothari on Apr 30, 2008 06:17 PM Permalink
Well said! I think the whole Darfur situation in Sudan also will play a role, at some point or the other, in high oil prices.
