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It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?
First, the crucial role of the international oil exchanges in London and New York is crucial to the game. Nymex in New York and the ICE Futures in London today control global benchmark oil prices which in turn set most of the freely traded oil cargo. They do so via oil futures contracts on two grades of crude oil—West Texas Intermediate and North Sea Brent.
A third rather new oil exchange, the Dubai Mercantile Exchange (DME), trading Dubai crude, is more or less a daughter of Nymex, with Nymex President, James Newsome, sitting on the board of DME and most key personnel British or American citizens...
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Common topics in this essay:
- Speculation In Oil & Gas Prices
- Rise & Fall Of Oil Prices In 2008 - Speculation
- Who Determines The Prices Of Goods In Market? Government Or Free Forces Of Market
- Crude oil prices in the market
- what causes house prices to rise in the UK market
- How stock market prices affect us?
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