Erle Frayne D. Argonza
A full-blown civil war is now brewing as I write this note. As the gloomy events unfold, greedy speculators are busy taking advantage of a conflict situation by playing it up nauseatingly on the petrol spot market. Wars and mini-hotspots surely have a way of making some greedy families make lots of money, so let me add more reflections about the Libyan hot fires’ impact on oil price.
The notorious financier speculators have been planning all along to cash in on a global conflagration that should have pitted the Sunni-Zion alliance versus Iran-led coalition. Such a planned catastrophe was suddenly derailed by the mass rousing of younger generations of Arabs who now desire for the overthrow of their respective tyrants or sovereigns.
With the world war III prospect now sorely diminished, the financiers had to find a quick fix to their addictive greed for easy profits. And that’s how their fixated eyes marveled at the conflict that suddenly unveiled in Libya which, as everybody knows, sits on huge reserves of oil from where the tyrant largely derives his income for country and family.
Nobody knows how long the conflict lasts in Libya, but it is getting clearer as of this writing that Kadhafy’s legitimacy before his own supporters is rapidly effacing. The situation is as fluid as petrol gushing out of Libya’s oil wells, so it pays to keenly observe the events on a day-to-day basis.
One thing though is certain about the conflict’s time frame: it will be short, and no protracted war will come from the forecast loser—tyrant Kadhafy and minions. So, given the short time frame, the speculators have to ride along with the waves of turmoil, and cash in quick on the hot events.
So the spot market is ablaze at this moment with a sort of hour-by-hour anaysis of the situation and superficial forecast of oil prices. Superficial, because insider trading is the in-thing among the dirty players in the same commodity market, with a coterie of financiers fronting for their invisible sponsors among the Anglo-European oligarchs. There is no science into the oil spot market, just plain mafia-type dirty speculations.
Already, retail oil prices are skyrocketing in countries that are dependent on oil imports. In the United States, oil prices get hiked on a daily basis. East Asian countries follow very closely not far behind from the USA in terms of constant rising of retail prices, or those that hurt the pockets of downstream end-users. Food prices are direly affected by the same OPH (oil price hikes), and so you could imagine the glee of another branch of the dirty speculators cashing in on the food commodities trading.
With the dizzying rapidity of the flow of conflict-induced events, we can only surmise that OPH will hover the $170-$200 per barrel of oil (‘sweet crude’ standard). As the events are happening, anti-OPH and anti-food price hikes are now raging across the globe, including the Philippines. These protest actions are complicating the mass panic that is generated by the rising prices of oil & food, with potential hysteria that could explode into food riots in the short run.
While billions of poor folks suffer from the rising prices, the greedy speculators’ pockets are satiated anew rendering them instantly happy over very fat profits. Commodities speculation is done without any compunction over their catastrophic effects on peoples, as they are done by conscienceless market players.
But never forget that the greed of the dirty speculators is insatiable, and so the said financiers’ eyes are again busy searching for some other hot fires in the event that the Libyan conflict ends soon. Those hot fires are no other than the socio-political turmoil that is now brewing across the Arab region.
[Philippines, 04 March 2011]
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