You know all the wannabes come out whenever Obama says something. Trump (The Donald — quack quack) has declared himself a Republican in recent weeks and so is doing what he now does best under that umbrella. He mouths off. And he’s mouthing off about OPEC deciding the price of oil. His implication is that Obama has somehow done something wrong regarding Libya.
The price of oil has been determined for a long time now by speculators. Guys who have way too much Other Peoples Money to ‘invest’ and who have minimal to no oversight. The quantity of oil traded in the futures market is about seven times the entire global supply. This reminds me of the ‘credit default swaps’ that were trading in an amount that exceeded the entire world’s GDP by a multiple of six. Get real.
In any case, Libya produces only 2% of the world’s oil supply during any given month. There are a half dozen suppliers who could compensate for the loss of that supply with a two day notice.
The Libya trip has to do, above all, with the fact that a very diverse set of nations asked us to intervene. The Arab League and various European nations. Our allies.
Libya fronts the Mediterranean Sea. Europe is just across that sea and Arab nations are all around it.
This has nothing to do with oil in Libya for the United States. Yes, oil has a modicum of importance for Europe in that Libyan oil exports go to Europe.
But the primary reason for our participation in this intervention is that we were asked to do so. How simple.
By the way, oil — on the basis of supply and demand — should be going for about $40 a barrel.
And should my readers miss the comment to this post that I myself wrote, I’ll copy it here:
I’ve got to add a little something to this. Trump with all his recent ‘birther’ comments is making it very clear that, after all is said and done, he is truly a total moron.
And yes, there are rich morons.