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Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.

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Iraq's New Hydrocarbon Law: Victor's Term to US Big Oil Companies
Public Policy; Political and Legal Newsvox_mundi writes:

... This is precisely what Cheney was getting at in his 1999 talk to the Institute of Petroleum. In a world of dwindling petroleum resources, those who control large reserves of cheaply-produced oil will reap unimaginable profits - and command the heights of the global economy. It's not just about profit, of course; control of such resources would offer tremendous strategic advantages to anyone who was interested in "full spectrum domination" of world affairs, which the Bush-Cheney faction and their outriders among the neo-cons and the "national greatness" fanatics have openly sought for years. With its twin engines of corporate greed and military empire, the war in Iraq is a marriage made in Valhalla.


And this unholy union is what Bush is really talking about when he talks about "victory." This is the reason for so much of the drift and dithering and chaos and incompetence of the occupation: Bush and his cohorts don't really care what happens on the ground in Iraq - they care about what comes out of the ground. The end - profit and dominion - justifies any means. What happens to the human beings caught up in the war is of no ultimate importance; the game is worth any number of broken candles.

And in plain point of fact, the Bush-Cheney faction - and the elite interests they represent - has already won the war in Iraq. I've touched on this theme before elsewhere, but it is a reality of the war that is very often overlooked, and is worth examining again. This ultimate victory was clear as long ago as June 2004, when I first set down the original version of some of the updated observations below.

Put simply, the Bush Family and their allies and cronies represent the confluence of three long-established power factions in the American elite: oil, arms and investments. These groups equate their own interests, their own wealth and privilege, with the interests of the nation - indeed, the world - as a whole. And they pursue these interests with every weapon at their command, including war, torture, deceit and corruption. Democracy means nothing to them - not even in their own country, as we saw in the 2000 election. Laws are just whips to keep the common herd in line; they don't apply to the elite, as Bush's own lawyers and minions have openly asserted in the memos, signing statements, court cases and presidential decrees asserting the "inherent power" of the "unitary executive" to override any law he pleases.

.CommonSense

Posted on Wednesday, February 28 @ 19:03:52 PST by Leanan
 
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