A Brief History of Oil (Profits)

Don't believe the hype. The real reason for high oil prices is (gasp) that they bring in more profits for oil companies and Wall Street

It seems almost quaint now, but just seven years ago, Bill Richardson, then the Clinton Administration's Energy Secretary, was quoted by Reuters World Report as calling oil prices "dangerously high," and saying the White House would use all options to fight soaring energy costs. The same story reported that farmers in Spain were taking their tractors on the roads to protest the cost of fuel. Saddam Hussein was threatening Kuwait again for stealing Iraqi crude. Soon, oil analysts were saying that if Hussein decided to quit shipping Iraq's oil, it could upset the world's petroleum market, possibly causing another severe hike in the price of crude. Yikes!

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