How much of this middle eastern oil is actually pumped by middle eastern interests, the majority of that oil is extracted through partnerships with overseas interests such as those in the US. Just because they have the oil doesnt mean they have the means, the know how, or the ability to extract it.
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Originally posted by KRL
The world consumes 80 Million barrels of oil per day. There are 42 gallons in each barrel. At $41 per barrel oil companies are taking in revenues of $3.3 Billion per day. Multiply that to 365 days and its $1.2 Trillion a year.
That is enormous wealth. Wealth has always been the dictator of this planet in whatever form its been through civilizations stages of development.
Knowing the nature of those who possess and control this wealth, you can't expect anything less than for them to do anything and everything, legal or not legal, to protect their interests. Its just the nature of the beast.
Saudi Arabia has proven reserves of 260 Billion barrels of oil. At current market prices that equals a fortune of over $10 Trillion all controlled by the royal Fahd family undoubtebly making them the wealthiest group on earth and Bill Gates like chump change in comparison.
During the Iraq war the Fahd's wealth has increased alongside the rise in oil prices by about $4 Trillion.
Do you see the picture here for the cozy relationship now?
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