2.5 trillion oil scam

The

global OIL scam$2,5Trillion

In 2000 the Intercontinental Exchange (ICE) was founded

Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank and Societe Generale

It consists of

The ICE is an online commodities and futures marketplace

Which operates outside of the US and is free from the constraints of US laws

The futures and commodities it trades include:CocoaCoffee ‘C’CottonSugar No. 11CoalConolaEmissions

...and of course OIL

Over this year the price of oil has almost doubled

Jan 09

40

May

50

60

70

80

Is it because demand is too great for supply?

According to the International Energy Agency, worldwide demand is down 2.6 million barrels a day from last year

NO

With Saudi production from the Khursaniyah and Khurais oil fields set to increase its output...

...and the Thunder Horse platform in the Gulf of Mexico to start production soon

Both of these will contribute another 1.2 million barrels of oil per day to the world market by next year

THERE WOULD BE AN EXCESS OF OIL ON THE MARKET

so why the high price?

as a result

The ICE conducts what is know as “ROUND-TRIP” trading of energy

These trades occur when one firm sells energy to another and then the second firm simultaneously sells the same amount of energy back to the first company at exactly the same price

but these transactions send a price signal to the market and they artificially

boost revenue for the company

NO COMMODITY EVER CHANGES HANDS

DMS Energy, when investigated by Congress, admitted that 80% of its trades in 2001 were “ROUND-TRIP” trades.

Duke Energy disclosed that $1.1 billion worth of trades were “ROUND-TRIP” since 1999. Roughly two-thirds of these were done on the ICE

Under investigation, a lawyer for JPMorgan Chase admitted the bank engineered a series of “ROUND-TRIP” trades with Enron

These extra fees are then passed on to you...

THE CONSUMER

Every year over $1 Trillion is spent by US consumers because of “ROUND-TRIP” trading of oil

or

13% of the incomes of every man, woman and child in the United States of America

or

13% more on food and fuel than before the ICE was founded

and with 1.7 bn gallons of gas used globally every single day

the artificial shortage and speculative demand created by “ROUND-TRIP” trading means that companies could charge you an extra one dollar per gallon of gas

that might not seem like much

but that one extra dollar would equate to...

$50 bna monthfor

$2.5 Trillionglobal OIL scam

and a

by the ICE each year

for further reading...

http://seekingalpha.com/article/172797-the-global-oil-scam-50-times-bigger-than-madoff

http://www.businessweek.com/lifestyle/content/jun2008/bw20080626_022098_page_2.htm

http://www.businessweek.com/lifestyle/content/apr2008/bw20080422_520796.htm

http://www.nytimes.com/2009/06/09/business/09gas.html