The US Vice President Joe Biden blames everyone in the Middle East for higher prices at the petrol pumps.
Vice-President Biden blamed higher oil prices on “talk about war with Iran”.
He fear that Iran might “take out the Saudi oil fields and Bahraini oil fields”.
Biden is concerned about the Arab Spring movement; the “war in Libya”; the rise of the Muslim Brotherhood; and a potential for unforeseen political unrest, such as “chaos in Russia.”
Oil prices are going up because the world economy is consuming more oil and supply has not increased to meet the demand.
One might argue that the market should price strategic risk into the oil price, but the fact is that markets are not especially good at assigning prices to possible events whose probability can’t be measured.
The price of oil tracks economic growth expectations. It is statistically absurd to seek another reason. The problem is not risk, but supply. The only way to reduce gas prices is to drill for more oil.
Source: Gatestone Institute.org
Vice President Joe Biden should make America her self take the blame for the present chaos in the Middle East.
Five per cent of the Worlds population live in the US. They consume 20 per cent of the global resources. 25 per cent of Americans consumption of oil has to be shipped out from the Persian Gulf.
To protect her self interests, the US has based her 5th fleet in Bahrain. That Saudi Arabia is a totalitarian Islamic dictatorship is not one of Joe Bidens concerns. As long as the American dream lives in, to hell with human rights, freedom and democracy for the people of the Middle East. The Saudi oil fields must be protected at all costs.
Up to the day of the fall of Hosni Mubarak, He was presented as a “peace maker” in the Middle East. Likewise did Gaddafi receive a red carpet welcome in cities like Rome and Paris.
Joe Biden represents the ugly American face of unlimited double standards and hypocrisy.
Written by Ivar