Sunday, June 27, 2010

The G20 and the Gulf Oil Crisis-two sides of the same coin

The Gulf Oil Crisis and the meeting in Canada of the worlds' leading industrialised nations are two sides of the same coin. The world runs on oil and the oil we mine goes to the world. If you want to really see who is responsible for the tragedy in the gulf, look in the mirror. We elect representatives here in the U.S. who are supposed to "represent" our conglomerate needs and wishes. Those same representatives then look the other way, as in the case of the government office called Minerals Management Service (MMS), when rules and safety regulations are broken, or at a minimum, altered. As long as everything is working O.K. and we can drive up and pump in the petroleum product of choice into our vehicles at a reasonable price, then all is right with the world. Unfortunately, we now see that all is not right with the world and we are as much to blame as anyone at BP or Haliburton.
Our entire economic system is based on petroleum products. The currencies of the world are completely pegged to oil. If this tragedy in the Gulf gets as bad as some experts fear, we will not only be in one hell of a environmental mess, we will be in one even bigger hell of a economic mess than the big shot money men ever dreamed of with their hedge funds and derivative markets. When, not if, the oil gets going in the Gulf Stream and starts to wind its way around Florida and up the eastern seaboard of the United States, we will realize that BP doesn't have anywhere near enough money to cover all the losses sustained by businesses. The U.S. Treasury will not have enough money to cover the losses. The world will not have enough money to control the disaster that is now beginning to spread into the loop current. Once the oil reaches the Gulf Stream, the real disaster will begin and no one at the G20 and no one in any oil company will be able to stop the environmental catastrophe that has been unleashed.

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