After having
posted a blog titled ‘Winners and losers of oil war’ on November 22, 2014, I
kept on searching my soul. I felt embarrassed for talking about the oil
producers only and ignoring the consumers altogether. It also dawned that both
United States and Saudi Arabia have kept oil prices high to achieve their own selfish
motives. It may also be said that Saudi Arabia are an accomplice in this crime
against humanity because common men were the worst hit.
Saudi Arabia
has nurtured its own worst enemy in oil trade. The largest oil producing
country failed in realizing that prices were kept high to enable shale oil and
gas production economically viable in the United States. Saudis were looking on
one side of the coin, extra petro dollars to finance their lavish spending and
never thought that one day United States would become their worst competitors,
may be, because many in this world fail to look beyond their nose and Arabs
were no exception.
As all and
sundry know that media is controlled by west, particularly the Zionists, it is
trying to create an impression that Saudi Arabia has initiated oil war against
United States. While all the report suggests that OPEC should curtail
production none has pointed out that United States should curtail its output.
Global media
has also not being honest as it talks very little about the benefits of nearly
40% decline in oil prices. Many non-oil producing countries that were victim of
high oil prices have witnessed signs of improvement in their economies.
Industries like airlines and shipping have wiped-out huge accumulated losses
and inflation around the world has come down.
Reduction in
oil prices has also opened the Pandora Box that many of the governments have
been keeping POL prices high to earn extra revenue. One of the reports has exposed
that in United Kingdom retail price of motor gasoline include one-third tax.
Such countries may also feel upset with the decline in crude oil price. The
British government may not be alone; dozens of other countries may also be
doing the same.
The time has
come to decide if the interest of a few monarchs and oil tycoons is important
or the millions of people deserve a better life. Oil politics has led to wars
in many countries the most naked examples being Iraq, Sudan, Nigeria, Iran and
Libya. One point has to be kept in mind that higher oil prices have made lives of
millions of people miserable.
May be, the
time has come to establish a global regulatory authority to oversee, monitor and
control crude oil production and prices. No country should be allowed to
protect the interest of a few oil producing companies only. If some of the shale
oil producers could sell oil below US$50 a barrel and make profit why should
inefficient companies be allowed to thrive by ripping off millions of people around
the world.
