2.5 Trillion Oil Scam


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A breakdown of how gas consumers are being scammed out of 2.5 trillion dollars by some of the world's largest companies.

Published in: Business, Economy & Finance
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2.5 Trillion Oil Scam

  1. The $2,5Trillion global OIL scam
  2. In 2000 the Intercontinental Exchange (ICE) was founded It consists of Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank and Societe Generale
  3. The ICE is an online commodities and futures marketplace Which operates outside of the US and is free from the constraints of US laws
  4. The futures and commodities it trades include: Cocoa Coffee ‘C’ Cotton Sugar No. 11 Coal Conola OIL Emissions ...and of course
  5. 80 70 60 Over this year the price 50 of oil has almost doubled 40 Jan 09 May
  6. Is it because demand is too great for supply? NO According to the International Energy Agency, worldwide demand is down 2.6 million barrels a day from last year
  7. 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
  8. as a result THERE WOULD BE AN EXCESS OF OIL ON THE MARKET so why the high price?
  9. 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 NO COMMODITY EVER CHANGES HANDS but these transactions send a price signal to the market and they artificially boost revenue for the company
  10. 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
  11. These extra fees are then passed on to you... THE CONSUMER
  12. 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
  13. 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
  14. but that one extra dollar would equate to... $50 bn a month for
  15. and a $2.5 Trillion global OIL scam by the ICE each year
  16. 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