Fuel Prices: You’ve gotta be fucking kidding me.
A quick post about the roller-coaster of fuel prices and the rate of crude oil. My ‘favourite’ paper, ‘The Times Of India’ (and I’m sure pretty much every other media outlet in this country) is now running articles about the Indian government cutting fuel prices at the pump to make them reflect international crude prices more accurately and is quoting Goldman Sachs as saying that crude prices will stay at around 50 US $ a barrel.
Last year, while fuel prices were rocketing skywards and crude was near 180 US $ a barrel, every media outlet was quoting international investment banking and securities company Goldman Sachs’ repeated statements that crude would hit 150 US $, then later 180 US $ and at the height of the madness, 200 US $.
Admittedly, my grasp of the futures markets is extremely weak, to say the least but it seems that Goldman Sachs was actually shorting crude prices i.e. betting that crude prices would go down and they made some huge profits on this speculation. Are any of the journalists at any these media organisations even doing a little bit of digging? A little bit of checking to see if there may be, any conflict of interest? Hell no!
Does anyone even give a fuck about the fact the price of such an essential commodity is fluctuating so wildly? One that influences the prices of the food we eat, the gas we use to cook that food and almost every other commodity we use and that these changes in price are not based on demand and supply but on the basis of international banking and investment firms making a profit on speculation and using the fourth estate as their shills?
The media on one hand quotes the predictions of ‘experts’ from the very same companies reaming us with price manipulations like Chase, Goldman Sux and JP Morgan to mislead us and then to distract people from the stuff that matters it feeds us with images of Amy Winehouse’s visits to rehab and the fact that Obama (who’s election everyone is treating like Jesus’ second coming) may appoint an Indian as the Surgeon General.
Geez.
Similar Posts:
- Speaking of films I couldn’t sit through….
- Well that didn’t take long: The Obama Deception.
- Tin-foil Hat Mode: Engaged.