American consumers have been complaining about the increasing fuel prices, which have exceeded $4.15 per gallon. In 2008 a similar wave of oil price increase took place and the American consumers began to complain. At that time, some American politicians began to feel the pressure from voters and promised to investigate the matter. At the same time, the Saudi oil minister, in a public statement, said they have nothing to do with the increase in oil prices. Those responsible for it are part of Wall Street. A few weeks later, it was revealed that two Dutch financial Commodity firms and an American firm at Wall Street were behind the increase in oil prices. Exxon Mobil posted $42.2 bullion as record profit in 2008.
Again, a few days ago President Obama’s response to the public’s complaints about the increase in oil price was that the situations needed to be investigated to see if there is price manipulation. President Obama is well aware of how the gambling casino of Wall Street operates. Commodity prices are manipulated by the greedy gamblers of Wall Street, who profit greatly from such games, all under the concept of capitalism, supply and demand and free enterprise. At the end of the game, it is the American consumer in particular who ends up paying the price for the needed commodity. Also, the rest of the world’s consumers are also being affected in some ways as well. It was reported that in 2011 Exxon Mobil Company $10.7 billion as first quarter earning
The Saudi President of Aramco Oil Company, Mr. Khalid al-Falih, expressed his concern about the increases in oil prices. He said that there is no shortage of oil in the world market. He further stressed that the Saudi oil company has a surplus and even has the capacity to produce more than 9 million barrels of oil per day if there is a demand for it. Mr. al-Falih expressed his concern about the increasing cost of oil on the world economy. (www.ahram.org, 4/27/2011).
The Saudi Aramco Oil Company is the biggest oil producer in the world and they are in control of 25% of the oil reserves in the world. It is of interest to know that the Saudi government is more concerned about the world economy than the greedy oil companies and gamblers of Wall Street are. They always look for an excuse to justify their unnatural bidding on commodities that ends up netting them billions of dollars in profit. For example, they used the protestors movements in the Middle East as an excuse to create the fear that oil shipment to consumers would be in danger and began their higher bidding on what the future cost would be. To illustrate this point further, the latest clashes in Syria between protestors and the Syrian army was used as an excuse by Wall Street gamblers to justify their phony claims. First of all, Syria is not an oil producing country that the world depends on. Second, what is happening in Syria is far away from the countries that produce oil and that the world’s oil consumers depend on.
Those who should be blamed for the abuse of the American consumers are American politicians who are elected by the consumers. The tragedy is reflected in the American political system, because voters put politicians in office to represent their interests. However, in reality, politicians are being influenced by lobbyists who represent not just oil companies, but big industrial corporations, who end up paying for the cost of their election.
The Lobbyists ended up spending $3.5 billion last year (2010) to grease the wheels of American politicians. I would say, without hesitation, that the majority of the American voters are politically illiterate. Wall Street needs to be regulated for the benefit of all and not only a few. The taxpayers should have not bailed out Wall Street in 2008, because in the end this benefitted those who needed the benefit the least.