El dominio absoluto del Imperio Británico sobre el petróleo, mata
February 25, 2008 (LPAC)--Rising fuel costs have forced the Jordanian government to remove all fuel subsidies, sending price of fuels up 76%, and doubling the cost of basic foods like eggs, potatoes and cucumbers. A Jordanian merchant told the New York Times, "we have to choose: we either eat or stay warm. We can't do both." In Saudi Arabia, there have been public protests and boycotts over rising prices. Also demonstrations and riots in Yemen, where prices for bread and other foods have nearly doubled in the past four months. In Morocco, 34 people were sentenced to prison last week for rioting over food prices.
Why is this happening? Lyndon LaRouche noted that the Saudis get only $3 per barrel for their oil at the wellhead. The other $100 is skimmed by the British Empire.
This was launched with Richard Nixon's treason against the U.S. for the British Empire, said LaRouche. When he destroyed the Bretton Woods System in 1971-73, the British were left in control of the growing masses of overseas dollar deposits, called "eurodollars." In the phony oil crises of 1974 and 1979, long-term fixed-price oil contracts, frequently for 24-36 months, were replaced with spot markets, and then with futures markets, controlled from London.
LaRouche emphasized that thanks to the Nixon administration the British Empire controls oil and they run the dollar through this market. Thus, the U.S. doesn't run the world. The British do.
Today, the London International Petroleum Exchange (IPE) controls the price of 60% of world oil, by controlling the price of Brent Crude oil, which is less than one-half percent of the oil produced. On May 14, 2004, Brent Crude contracts on the IPE reached 375 million barrels,-- about five times the daily production of all sorts of oil worldwide. The huge masses of "paper oil" traded on futures markets control the price of the far smaller volumes of real oil.
On the London IPE, a speculator can buy an oil futures contract on a 3.8% margin, i.e., by putting up only 3.8% of the price. In this way, a tiny group of London-based speculators control the price of all oil worldwide.
