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Oil Price Rise Causes Global Shift in Wealth »
Posted by: Aidenag 2 years, 1 month agoHigh oil prices are fueling one of the biggest transfers of wealth in history. Oil consumers are paying $4 billion to $5 billion more for crude oil every day than they did just five years ago, pumping more than $2 trillion into the coffers of oil companies and oil-producing nations this year alone.
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Aidenag
Photographer by day, news junkie by night. My main areas of interest are politics and the environment.
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Comments: 75
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JohnQPublicComment has been removed: Retracted by user
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gamahuche
Nov. 10, 2007, 8:32 a.m.FTA
"There's never been anything like this on a sustained basis the way we've seen the last couple of years," said Kenneth Rogoff, a Harvard University economics professor and former chief economist at the International Monetary Fund. Oil prices "are not spiking; they're just rising," he added.
The benefits, to the tune of $700 billion a year, are flowing to the world's oil-exporting countries.
Two of those nations -- Iran and Venezuela -- may be better able to defy the Bush administration because of swelling oil revenue. Venezuela has used its oil wealth to dispense patronage around South America, vying for influence even with longtime U.S. allies. And Iran could be less vulnerable to sanctions designed to pressure it into giving up its nuclear program or opening it to inspection.
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JohnQPublicComment has been removed: Retracted by user
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texangelwings
Nov. 10, 2007, 10:05 a.m.Sooner or later the wealthy oil people will run out of customers, other than their wealthy friends. Rising oil prices are impacting everything that is a part of the cost of living.
It was big businesses grand idea to ship our good paying jobs out of our country. They shipped out the money that would have purchased their products.
They can have their wealth and their misery that comes with their wealth!
Drinking water is the next 'oil'$$$! Without drinking water life ceases to exist.
Thanks Mark, interesting article.
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nikkibabe
Nov. 10, 2007, 10:49 a.m.Someone should check Bush and Cheney out about fortunes they have made oil companies and themselves.
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NelsonR
Nov. 10, 2007, 11:02 a.m.You should go to Fox and have a reality check while watching Neil Cavuto and his elitist friends belittle the actual working stiffs while exposing the virtues of profit making with their fat cheeks. Never have they truly WORKED for a living but instead manipulated a corrupt evil system of pay for the work performedl within our society. Most of these fat little trolls have no concept of what the word work means but they do understand the ins and outs for earning money obnoxiously. That's the world we live in and meanwhile its guaranteed our fat cat bankers will again be bailed out by we taxpayers for their corrupt acts as in the 90s.
Oil is going through the roof by these wall street jerks by pouring their ill gotten earning now into oil futures. That's why the average person is again being screwed. Its the abuse within the system, not the system itself. If these porkers were made to work for their money our economy would recover but they suck the blood out of us.
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not2needy
Nov. 10, 2007, 11:21 a.m.The repugs have no respect for the working man/woman! They are nothing less than low paid paid slaves to make them more wealthy.
People like that always find a way to make themselves and their bank accounts fat on the backs of someone else.
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Amazing1
Nov. 10, 2007, 12:40 p.m.And how about "peak oil" Oil is a finite resource. For the last couple of years, oil production has remained constant while demand and price increased. We WILL run out. Then what? This is not a pretty future we are looking at.
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simonsez
Nov. 10, 2007, 1:59 p.m.We're no where near peak oil, in my opinion. They estimate a 300 year supply in the oil shale of Canada. We are tapping into a new find in the gulf that Chevron discovered. Russia is just getting started, they haven't really explored the possibilities in China.
The middle east will peak first and that will cause tremendous turmoil in the middle east because they will have nothing else to sell. This is why Dubai is diversifying heavily and quickly.
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simonsez
Nov. 10, 2007, 2:07 p.m.This is a breakdown of where we get our imported oil.
www.eia.do...
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simonsez
Nov. 10, 2007, 2:14 p.m.I think we use around 500 million barrels a day in the US.
At $3.00 per gal., that's only $1.5 billion per day.
So ... where do they come up with $4-5 billion MORE per day?
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dennebay
Nov. 10, 2007, 3:04 p.m.HEY I HAVE AN IDEA. WHY CAN'T WE JUST ALL AGREE TO PAY SAY $50 A BARREL INSTEAD OF BIDDING IT UP? FORGET ABOUT SUPPLY AND DEMAND. BY BIDDING ON THE PRICE WE ARE ONLY SCREWING OURSELVES!
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jimdoze
Nov. 10, 2007, 3:13 p.m.Time for the U.S. to clear the decks and re-start building nuclear fission power plants.
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slate
Nov. 10, 2007, 3:36 p.m.The benefits, to the tune of $700 billion a year, are flowing to the world's oil-exporting countries.
Two of those nations -- Iran and Venezuela -- may be better able to defy the Bush administration because of swelling oil revenue. Venezuela has used its oil wealth to dispense patronage around South America, vying for influence even with longtime U.S. allies. And Iran could be less vulnerable to sanctions designed to pressure it into giving up its nuclear program or opening it to inspection.
This is very telling of the mind set of the person that wrote this article.
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augustine974
Nov. 10, 2007, 3:38 p.m.I thought we we were told it would be a "cake walk" to steal Iraq's oil and then we would go steal Irna's in the name of democracy. Nobody is talking cake walk anymore, cause oddly enough, people the world over are getting tired of being robbed raped in the name of capitalism and democracy.
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pfestusComment has been removed: Spammer
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AmericanIdiot
Nov. 10, 2007, 7:56 p.m.Oil producers are recieving many dollars for their oil, but the value of the dollar is less than $.50, and declining rapidly. Also, petro-dollars are financed by foreign loans which our government has no intention of repaying, so I don't know who is really getting the better bargain. Oil producers, selling real mineral assets, or America, buying that oil with monopoly money borrowed from sucker creditors?
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cheif
Nov. 10, 2007, 8:51 p.m.I believe the supply will increase proportionally to the dollars buying it - remember, there are thousands of wells capped in America; most likely waiting for high demand/costs
as it is now. I'll bet there's lots of caps coming off right now.
Either way, it's a non-renewable source - eventually we'll have to get off dead center and begin using alternative power sources like the rest of the world is doing - wind/water... could be done and MUST be done before this oil thing gets out of hand -
As a by-the-by, if you fly over a large city at night, anywhere in the world, you'll see a brilliantly lit view - why is this if we're so badly in need of this energy? All this is being wasted - like an uninhabited 40-story building; all 40 floors are lit up inside and out; all the roads leading to it are lit and everywhere you look there's light.
Didn't anyone ever hear of motion detectors? There's just so much damn waste there we're shooting ourselves in the foot...
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Searchbeam
Nov. 11, 2007, 12:01 a.m." High oil prices are fueling one of the biggest transfers of wealth in history."
And that wealth is coming out of our pockets, and making us paupers!
Who do you want to thank for this unique honor?
Dumbya?
Or his war-drum beater Shotgun Dickie?
Or those idiots that put them in power, including the SCOTUS?
Take your pick!
And don't forget to leave your wallet at the door. The Saudis may need it!
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pfestusComment has been removed: Spammer
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StarLord
Nov. 10, 2007, 10:13 p.m.True. I thought that the USA had learned something from the 1970s oil shocks, but apparently not.
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