Oil is by far the most widely traded commodity in the world. It is also the most corrupt.
By way of example we need look no further than the events of the past two years. What with our TV screens filled with images of blazing oil pipes in Iraq, traffic jams in Shanghai and hurricane disasters in the US. A seemingly endless list of horrors endlessly regurgitated. All this with one goal in mind: to convince us all we face an oil crisis of biblical proportions.
OPEC warns they cannot keep up with demand. We see faceless “experts” wheeled in to pontificate on Chinas insatiable oil demands. They fret over gasoline and heating oil shortages, the failure to discover new oil fields and agonize over how our oil reserves will sink to dangerously low levels within twenty years.
Now, of course, the market is all in a lather over Iran and whether they will hold oil off the market. Oh, sure, as if they don`t need our money as much as we need their oil.
Inevitably, crude oil prices rocketed from $25 per barrel to a recent high of $72. At the time of writing the price stands at $66 which, the media breathlessly warns, represents merely a pause for...
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