ADMIN WAS WRONG

I believe I made a statement in a post or comment a few months ago that we would never see gasoline below $3.00 per gallon ever again. Well, last week I saw gasoline advertised for $2.95 per gallon. Peak cheap oil must be a false storyline. Facts must no longer matter.
I WAS WRONG Make sure you take a screen shot. It might never happen again. I mean it might be the last time you ever see me admit that I was wrong, with the likes of SSS, Llpoh, and Stuck ready to pounce on any sign of weakness.
I failed to anticipate a drastic global economic slowdown and the lengths to which Obama and Saudi Arabia would go to try and destroy the Russian and Iranian economies. The energy independence crowd is crowing that the shale oil miracle has achieved nirvana for the American people. There is one law that works the majority of the time – supply and demand.
The reason prices have crashed is because worldwide consumption has stopped growing due to recession in Europe, stagnation in the U. S., and a slowdown in China. There has been no dramatic increase in supply. Adjusted for population growth, the number of miles being driven by vehicles in the U. S. are are at the same level they were in 1995, and down 9% from the 2005 peak. This is not due to engine efficiency. Gas guzzling pickups, SUVs and sports cars still acount for 75% of vehicle sales. The vehicle miles have declined because commerce has been reduced, requiring less trucking, and people without jobs don’t have to drive to work.

This post was published at The Burning Platform on 27th October 2014.

Vladimir Putin Is The Leader Of the Moral World – Paul Craig Roberts

Dear Friends,
Vladimir Putin’s remarks at the 11th meeting of the Valdai International Discussion Club are worth more than a link in my latest column. These are the remarks of a humanitarian political leader, the like of which the world has not seen in my lifetime. Compare Putin to the corrupt war criminal in the White House or to his puppets in office in Germany, UK, France, Japan, Canada, Australia, and you will see the difference between a criminal clique and a leader striving for a humane and livable world in which the interests of all peoples are respected.
In a sane Western society, Putin’s statements would have been reproduced in full and discussions organized with remarks from experts such as Stephen F. Cohen. Choruses of approval would have been heard on television and read in the print media. But, of course, nothing like this is possible in a country whose rulers claim that it is the ‘exceptional’ and ‘indispensable’ country with an extra-legal right to hegemony over the world. As far as Washington and its prostitute media, named ‘presstitutes’ by the trends specialist Gerald Celente, are concerned, no country counts except Washington. ‘You are with us or against us,’ which means ‘you are our vassals or our enemies.’ This means that Washington has declared Russia, China, India, Brazil and other parts of South America, Iran, and South Africa to be enemies.
This is a big chunk of the world for a bankrupt country, hated by its vassal populations and many of its own subjects, that has not won a war since it defeated tiny Japan in 1945 by using nuclear weapons, the only use of such terrible weapons in world history.
As an American, try to image any known American politician, or for that matter any professor at Harvard, Princeton, Yale, or Stanford capable of giving an address to an educated discussion group of the quality of Putin’s remarks. Try to find any American politician capable of responding precisely and directly to questions instead of employing evasion.
No one can read Putin’s remarks without concluding that Putin is the leader of the world.
In my opinion, Putin is such a towering figure that Washington has him marked for assassination. The CIA will use one of the Muslim terrorists that the CIA supports inside Russia. Unlike an American president, who dares not move among the people openly, Putin is not kept remote from the people. Putin is at ease with the Russian people and mingles among them. This makes him an easy target for the CIA to use a Chechnya terrorist, a Jihadist suicide bomber, or the traditional ‘lone nut’ to assassinate Putin.
The immoral, wicked, and declining West is incapable of producing leadership of Putin’s quality. Having defamed Putin, assassinating him will cause little comment in the Western media.
Here are Putin’s remarkable remarks:

This post was published at Paul Craig Roberts on October 25, 2014.

U.S. Is Now Directly Arming The Islamic State To Push The Agenda Of Removing Assad – Episode 498

The following video was published by X22Report on Oct 21, 2014
Europe is now introducing a new austerity plan so each country can receive more debt. McDonald’s sales are down. Existing home sales pushed up by condos and speculators. CEO of Total dies in plane crash, he mentioned that oil does not need to be sold in dollars. Swedish banks start enforcing FATCA rules.21 cities in US say its illegal to feed homeless. Liberia sees the Ebola spreading slower. The U. S. enforces screening for West African countries. Obama getting ready to push his EO for illegal amnesty through right after the elections. Iran doesn’t trust the US coalition fighting the Islamic State. U. S. directly arming Islamic State and sending humanitarian aid to them.

US War on Iran Takes Bizarre Turn

It is not merely hyperbole when it is said the US created terrorist organizations like Al Qaeda or the so-called ‘Islamic State.’ It is documented fact. The current conflict in the Middle East may appear to be a chaotic conflagration beyond the control of the United States and its many eager allies, but in reality it is the intentional, engineered creation of regional fronts in a war against Iran and its powerful arc of influence.
It is not Western policy that indirectly spurs the creation and perpetuation of terrorist organizations, but in fact, direct, intentional, unmistakable support.
This support would manifest itself in perhaps the most overt and bizarre declaration of allegiance to terrorism to date, US Army General Hugh Shelton on stage before terrorists of the Mujahedeen-e-Khalq (MEK) and their Wahabist counterparts fighting in Syria, hysterically pledging American material, political, and strategic backing. MEK was listed for years by the US State Department as a foreign terrorist organization, but has received funding, arms, and safe haven by the United States for almost as long.
General Hugh’s speech titled, ‘Making Iranian mullahs fear, the MEK, come true,’ was most likely never meant to be seen or fully understood by Americans. In titled alone, it is clear that US foreign policy intends to use the tool of terrorism to exact concessions from Tehran. If the true nature of America’s support for terrorist organizations like MEK were more widely known, the current narrative driving US intervention in Iraq and Syria would crumble.


This post was published at The Daily Sheeple on October 21st, 2014.

“Saudi’s Policy Of Downplaying Oil Prices Will Backfire On Them”

Saudi Arabia wants to use lower oil prices to pressure Russia to change its stance on Syria, to antagonize Iran, and to force US shale gas out of the market, Pepe Escobar explains the possible blowback…
Via RT,
RT: Russia’s economy is surely being hit by the falling oil prices. But what about other oil producers like the OPEC states?
Pepe Escobar: A lot of people are being hurt. There are more or less 20 nations that need oil at least for 50 percent of their budget. Among these nations we’ll find especially a mix of African countries and Persian Gulf countries, that includes Saudi Arabia and Iraq as well, Venezuela and Ecuador. So it’s very complicated, it’s not only to hurt Russia…
RT: Saudi Arabia is one of the OPEC members and it is supposed to collaborate its oil price policy with other members. Why it is acting like this?

This post was published at Zero Hedge on 10/21/2014.

Turmoil in Hong Kong, Terrorism in Xinjiang: America’s Covert War on China

China is facing increasing pressure along two fronts. In its western province of Xinjiang, terrorists have been stepping up destabilization and separatist activities.
In China’s southeast Special Administrative Region of Hong Kong, protests have disrupted normality in the dense urban streets, with protest leaders seeking to directly confront Beijing while dividing and destabilizing both Hong Kong society and attempting to ‘infect’ the mainland.
What is more troubling is the greater geopolitical agenda driving both of these seemingly ‘internal’ conflicts – and that they both lead back to a single source beyond China’s borders. With the so-called ‘Islamic State’ (ISIS) now implicated in receiving, training, and employing terrorists from China’s Xinjiang province, and considering the fact that ISIS is the result of an intentional, engineered proxy war the US and its allies are waging in the Middle East, along with the fact that the unrest in Hong Kong is also traced back to Washington and London, presents a narrative of an ongoing confrontation between East and West being fought on the battlefield of fourth generation warfare.
ISIS: Washington’s Global Expeditionary Force
If one was asked to name a global-spanning military and intelligence operation opposed to Syria, Iran, Russia, and China, they might say the US Central Intelligence Agency (CIA) and the US Government – and they would be right. But they could also easily answer by saying the ‘Islamic State’ or ISIS/ISIL as it is also known. This is especially true after revelations surfaced that US-backed Uyghur separatists in China’s western-most province of Xinjiang have joined ISIS for training with intentions of leading an armed rebellion against Beijing upon their return.
Reuters in their article, ‘China militants getting IS ‘training’,’ would claim:

This post was published at The Daily Sheeple on October 21st, 2014.

Poor Ron Paul …

Creating Enemies Everywhere Over the weekend, we were down in Nashville at the Stansberry Conference Series event, along with Ron Paul, Porter Stansberry, Jim Rickards and others. The question on the table: What’s ahead for the US?
Ron Paul took up the question from a geopolitical angle. He told the crowd that the military-security industry had Congress in its pocket.
As a result, we can expect more borrowing, more spending and more pointless and futile wars. They may be bad for the country and its citizens, says Paul, but they are good for the people who make fighter jets and combat fatigues.
‘We’ve been at war in the Middle East for decades,’ he said. ‘We supported Osama bin Laden against the Soviets in Afghanistan… and the result of that was the creation of al-Qaeda.
‘Then we supported Saddam Hussein against Iran. Saddam and bin Laden hated each other. But after 9/11 we attacked Saddam, using a bunch of lies to justify it. We sent over military equipment worth hundreds of billions of dollars. This equipment is now in the hands of ISIS – another enemy we created… and a far more dangerous one.’
ISIS fighters proudly parading their new Hummer courtesy of US tax cows …
(Photo credit: REUTERS/Stringer)

This post was published at Acting-Man on October 21, 2014.

The Neocons – Masters of Chaos

If you’re nervously watching the stock market gyrations and worrying about your declining portfolio or pension fund, part of the blame should go to America’s neocons who continue to be masters of chaos, endangering the world’s economy by instigating geopolitical confrontations in the Middle East and Eastern Europe.
Of course, there are other factors pushing Europe’s economy to the brink of a triple-dip recession and threatening to stop America’s fragile recovery, too. But the neocons’ ‘regime change’ strategies, which have unleashed violence and confrontations across Iraq, Syria, Libya, Iran and most recently Ukraine, have added to the economic uncertainty.
This neocon destabilization of the world economy began with the U. S.-led invasion of Iraq in 2003 under President George W. Bush who squandered some $1 trillion on the bloody folly. But the neocons’ strategies have continued through their still-pervasive influence in Official Washington during President Barack Obama’s administration.
The neocons and their ‘liberal interventionist’ junior partners have kept the ‘regime change’ pot boiling with the Western-orchestrated overthrow and killing of Libya’s Muammar Gaddafi in 2011, the proxy civil war in Syria to oust Bashar al-Assad, the costly economic embargoes against Iran, and the U. S.-backed coup that ousted Ukraine’s elected President Viktor Yanukovych last February.

This post was published at Ron Paul Institute on saturday october 18, 2014.

The Real Secret of Iraq’s Germ Weapons

Back in the 1990′s, journalists used to joke, ‘Of course we know Iraq has chemical weapons. We have the delivery receipts to prove it!’
The joke turned out to be the exact truth.
While covering Iraq in 1990 – just before the first massive US bombing campaign – I discovered the US and Britain had secretly built a germ weapons arsenal for Iraq to use against Iran in the eight year-Iran-Iraq War.
This while both the US and Britain were fulminating with breathtaking hypocrisy against the alleged dangers of Iraq’s supposed WMD’s (weapons of mass destruction) that never existed. Some years later, the two leading apostles of attacking Iraq, George W. Bush and Tony Blair, delivered Philippics against Saddam Hussein’s weapons programs while never mentioning that high level of western support for Iraq’s late leader.
Last week the widely read ‘New York Times’ ran a multi-page expos entitled ‘Abandoned Chemical Weapons and Secret Casualties in Iraq.’
The NY Times played a key role in driving the US into two wars against Iraq. America’s leading newspaper is finally facing part of the ugly truth over Iraq’s non-existent weapons of mass destruction, the pretext used by the US to bomb, then invade Iraq. Perhaps it’s trying to atone, or clear its besmirched name.

This post was published at Ron Paul Institute on saturday october 18, 2014.

Turns Out There Were WMDs in Iraq, and the Government Covered it Up

Several days have passed since the New York Times reported on the abundance of chemical weapons that were found in Iraq between 2004 and 2011. So far, it appears to have been a non-event. Sure, the televised news networks had taken to the story, but by now they’ve already lost interest. Ten years ago, if you would have told me that we would find WMD’s in Iraq, but the public would shrug their shoulders at the news, I would have laughed in your face.
The alternative media seems to be particularly uninterested. Most of the websites I read on a daily basis haven’t made a single mention of this development, though they probably have a good reason not to. The New York Times article revealed what many of us had known for years. The WMDs had ‘MADE IN AMERICA’ written all over them, so to speak.
Then, during the long occupation, American troops began encountering old chemical munitions in hidden caches and roadside bombs. Typically 155-millimeter artillery shells or 122-millimeter rockets, they were remnants of an arms program Iraq had rushed into production in the 1980s during the Iran-Iraq war.
All had been manufactured before 1991, participants said. Filthy, rusty or corroded, a large fraction of them could not be readily identified as chemical weapons at all. Some were empty, though many of them still contained potent mustard agent or residual sarin. Most could not have been used as designed, and when they ruptured dispersed the chemical agents over a limited area, according to those who collected the majority of them…

This post was published at The Daily Sheeple on October 17th, 2014.

Thomas L. Friedman: a Pump War?

Is it just my imagination or is there a global oil war underway pitting the United States and Saudi Arabia on one side against Russia and Iran on the other? One can’t say for sure whether the American-Saudi oil alliance is deliberate or a coincidence of interests, but, if it is explicit, then clearly we’re trying to do to President Vladimir Putin of Russia and Iran’s supreme leader, Ayatollah Ali Khamenei, exactly what the Americans and Saudis did to the last leaders of the Soviet Union: pump them to death — bankrupt them by bringing down the price of oil to levels below what both Moscow and Tehran need to finance their budgets.
Think about this: four oil producers — Libya, Iraq, Nigeria and Syria — are in turmoil today, and Iran is hobbled by sanctions. Ten years ago, such news would have sent oil prices soaring. But today, the opposite is happening. Global crude oil prices have been falling for weeks, now resting around $88 — after a long stretch at $105 to $110 a barrel.
The price drop is the result of economic slowdowns in Europe and China, combined with the United States becoming one of the world’s biggest oil producers — thanks to new technologies enabling the extraction of large amounts of “tight oil” from shale — combined with America starting to make exceptions and allowing some of its newfound oil products to be exported, combined with Saudi Arabia refusing to cut back its production to keep prices higher, but choosing instead to maintain its market share against other OPEC producers. The net result has been to make life difficult for Russia and Iran, at a time when Saudi Arabia and America are confronting both of them in a proxy war in Syria. This is business, but it also has the feel of war by other means: oil.
The Russians have noticed. How could they not? They’ve seen this play before. The Russian newspaper Pravda published an article on April 3 with the headline, “Obama Wants Saudi Arabia to Destroy Russian Economy.” It said: “There is a precedent [for] such joint action that caused the collapse of the U.S.S.R. In 1985, the Kingdom dramatically increased oil production from 2 million to 10 million barrels per day, dropping the price from $32 to $10 per barrel. [The] U.S.S.R. began selling some batches at an even lower price, about $6 per barrel. Saudi Arabia [did not lose] anything, because when prices fell by 3.5 times [Saudi] production increased fivefold. The planned economy of the Soviet Union was not able to cope with falling export revenues, and this was one of the reasons for the collapse of the U.S.S.R.”

This post was published at NY Times

Is The Ebola Crisis The October Surprise? – Episode 494

The following video was published by X22Report on Oct 16, 2014
Italy and France are looking for economic opportunities to get out of debt. Home builder sentiment is declining. Foreclosures picking up in 10 states. FED looking to continue QE. Ebola workers did not wear protective closing with Thomas Duncan. CDC confused in protocols, information and Ebola. FEMA conducting pandemic drills in 2013-2014. Russia will reduce gas supplies to Europe if Ukraine siphons gas. Gulf states are putting together a navy to counter Iran. Russia will not cooperate with U. S.on the Islamic State unless UN approves the coalition. FBI now warning Chinese are getting ready to cyber attack the U. S.

Seven Worst-Case Scenarios in the Battle With the Islamic State

You know the joke? You describe something obviously heading for disaster — a friend crossing Death Valley with next to no gas in his car — and then add, ‘What could possibly go wrong?’
Such is the Middle East today. The U. S. is again at war there, bombing freely across Iraq and Syria, advising here, droning there, coalition-building in the region to loop in a little more firepower from a collection of recalcitrant allies, and searching desperately for some non-American boots to put on the ground.
Here, then, are seven worst-case scenarios in a part of the world where the worst case has regularly been the best that’s on offer. After all, with all that military power being brought to bear on the planet’s most volatile region, what could possibly go wrong?
1. The Kurds
The lands the Kurds generally consider their own have long been divided among Turkey, Iraq, Syria, and Iran. None of those countries wish to give up any territory to an independence-minded ethnic minority, no less find a powerful, oil-fueled Kurdish state on their borders.
In Turkey, the Kurdish-inhabited border area with Iraq has for years been a low-level war zone, with the powerful Turkish military shelling, bombing, and occasionally sending in its army to attack rebels there. In Iran, the Kurdish population is smaller than in Iraq and the border area between the two countries more open for accommodation and trade. (The Iranians, for instance, reportedly refine oil for the Iraqi Kurds, who put it on the black market and also buy natural gas from Iran.) That country has nonethelessshelled the Kurdish border area from time to time.
The Kurds have been fighting for a state of their own since at least 1923. Inside Iraq today, they are in every practical sense a de facto independent state with their own government and military. Since 2003, they have been strong enough to challenge the Shia government in Baghdad far more aggressively than they have. Their desire to do so has been constrained by pressure from Washington to keep Iraq whole. In June, however, their military, the Peshmerga, seized the disputed, oil-rich city of Kirkuk in the wake of thecollapse of the Iraqi army in Mosul and other northern cities in the face of the militants of the Islamic State (IS). Lacking any alternative, the Obama administration let the Kurds move in.
The Peshmerga are a big part of the current problem. In a near-desperate need for some semi-competent proxy force, the U. S. and its NATO allies are now arming and training them, serving as their air force in a big way, and backing them as they inch into territory still in dispute with Baghdad as an expedient response to the new ‘caliphate.’ This only means that, in the future, Washington will have to face the problem of how to put the proverbial genie back in the bottle if the Islamic State is ever pushed back or broken.

This post was published at Ron Paul Institute on October 16, 2014.

Vladimir Putin Responds To Obama’s ‘Hostile’ Acts: Warns of Nuclear Consequences

When the leadership of North Korea or Iran suggests a nuclear attack against the United States the threat is usually dismissed as mere posturing by extremist regimes.
But when the President of a global military super power like Russia makes such a threat, then perhaps it’s time to start paying attention.
In an interview with Serbia’s Politika newspaper Vladimir Putin did not mince words about his feelings surrounding the recent sanctions against his country’s economy and monetary system. He believes the actions of Europe and the United States to be hostile acts and he warns that Russia is prepared to go all the way if the hostilities continue.
It’s futile for the U. S. and its allies to ‘blackmail’ Russia over the Ukraine crisis, President Vladimir Putin said in a newspaper interview today.
Russia’s partners should remember the risks involved in disputes between nuclear powers, Putin said.
He accused Barack Obama of adopting a ‘hostile’ approach in naming Russia as a threat to the world in the U. S. president’s speech to the United Nations General Assembly on Sept. 24.

This post was published at shtfplan on October 16th, 2014.

Saudis Deploy the Oil Price Weapon Against Syria, Iran, Russia, and the U.S.

Asian stock markets continued to fall today, propelled at least in part by the adverse reaction to the Saudi announcement yesterday that they would let oil prices fall to $80 a barrel. And further reports indicate that the Saudis intend to keep oil prices low enough to force a realignment of prices not just among various grades of crude, but also for intermediate and long-term substitutes.
It is critical to remember that the Saudis have no compunction about imposing costs on other nations to maximize the value of their oil resource long term and hence the power they derive from it. The 1970s oil shock produced a nasty recession in the US and most other advanced economies and gave a further impetus to inflation, which was already hard to manage and dampened growth by discouraging investment.
The current alignment of factors gives the Saudis the opportunity to make life miserable for a long list of parties they would like to discipline, including the US.
The sharp rise in the dollar means that lowering the price of oil in dollar terms is unlikely to leave the desert kingdom worse off in local currency terms. But it undermines US energy development, both fracking and development in the Bakken, as well as more development by the majors, who were regularly criticized by analysts for how much they were spending on exploration when the math didn’t pencil out well at over $100 a barrel. Countries whose oil is output is mainly heavy, sour crude, like Iran and Venezuela, find it hard to sell their oil when prices are below $100 a barrel (or at least when the dollar was weaker, but the $80 price point, even with a strong dollar, may be low enough to cause discomfort).
In other words, this is a classic case of predatory pricing: set your price low enough long enough to do real damage to competitors, and reduce their market share, not just immediately, but in the middle to long term.

This post was published at Naked Capitalism

Who’s on First

Behind the curtain, the long list of those who support the USA against ISIS has no substance. Why? This is a religious war and therein lies the problem. The Muslin community is throughout Europe and the great fear is their citizens run to join ISIS and then return creating a sort of home-grown terrorists organization. Nobody wants to send troops on the ground and meanwhile the only one with a clear strategic position is Putin who brilliantly realizes he needs to keep his hand in the pot supporting Syria.
The whole place is just confusing. The USA supported Iraq in its fight against Iran, then Cheney Pushed Iraq War For Halliburton Profit under the pretense we needed to save the people bringing them democracy, which we ourselves do not have in reality. Of course this was a Three-Stooges affair where one slaps the other and he slaps the third one. We claimed we needed to drive out terrorists from Iraq who were not actually there until we invaded to drive them out attracting them from other regions. Cheney has pissed off so many people and the civilian casualties only inspire hatred. Just ask yourself if someone invaded your country and killed your family, wouldn’t you hate them? Many in China and Korea still hate the Japanese. Their defeat does not eradicate that human feeling. Americans do not harbor such widespread dislike of Germans or Japanese because neither invaded the USA. There is a huge difference when there is an invasion. War has tremendous unintended consequences.

This post was published at Armstrong Economics on October 15, 2014.

Rich, bikini-clad Iranians on Instagram: ‘So, where’s the problem?’

Plunging cleavage, mini-skirts, bleached hair and champagne: it’s all there… in the Islamic Republic of Iran. On the Instagram account "Rich Kids of Tehran", young Iranians from the Iranian elite post pictures to show off their bling. The Western media can’t believe its eyes. But in Tehran, it’s basically a non-event.
It’s THE most talked about Instagram in the Western media right now. The Iranian account is based on the "Rich Kids of Instagram," an account that reposts photos of young and wealthy Americans. "Rich Kids of Tehran" shares photos that young Iranians have posted showing the gleaming bodywork of their luxury cars, their poolside afternoons with friends at private villas, and their lavish parties. More than 90,000 followers tune into this account to get glimpses of these glamorous lifestyles.
If the Kim Kardashian-style pics are intriguing so many people, it’s because they were taken in Iran. It’s a country where alcohol is forbidden, where women must be veiled and wear loose clothing in public and where even men are advised to adopt “Islamic hairstyles."

This post was published at France24

De-Dollarization Continues With Iran And Russia Creating A Joint Bank – Episode 491

The following video was published by X22Report on Oct 13, 2014
Greece does not want anymore loans from the IMF, they are preparing to exit. Russia two largest banks are pushing forward in creating an identical SWIFT system. Russia and China agree to a currency swap. Iran and Russia agree to create a joint bank to bypass the dollar. The US is now using voice prints to spy and locate people. Ebola devastates the economies of three West African countries as they were on the verge of recovery. Ground troops are on there way to Iraq, the advisories will now switch to combat mode. Syria creates special team to deal with the Islamic State.

Obama’s New Oil Wars

Washington Takes on ISIS, Iran, and Russia By Michael T. Klare TomDispatch.com
October 13, 2014
It was heinous. It was underhanded. It was beyond the bounds of international morality. It was an attack on the American way of life. It was what you might expect from unscrupulous Arabs. It was ‘the oil weapon’ – and back in 1973, it was directed at the United States. Skip ahead four decades and it’s smart, it’s effective, and it’s the American way. The Obama administration has appropriated it as a major tool of foreign policy, a new way to go to war with nations it considers hostile without relying on planes, missiles, and troops. It is, of course, that very same oil weapon.
Until recently, the use of the term ‘the oil weapon’ has largely been identified with the efforts of Arab producers to dissuade the United States from supporting Israel by cutting off the flow of petroleum. The most memorable example of its use was the embargo imposed by Arab members of the Organization of the Petroleum Exporting Countries (OPEC) on oil exports to the United States during the Arab-Israeli war of 1973, causing scarcity in the U. S., long lines at American filling stations, and a global economic recession.
After suffering enormously from that embargo, Washington took a number of steps to disarm the oil weapon and prevent its reuse. These included an increased emphasis on domestic oil production and the establishment of a mutual aid arrangement overseen by the International Energy Agency (IEA) that obliged participating nations to share their oil with any member state subjected to an embargo.
So consider it a surprising reversal that, having tested out the oil weapon against Saddam Hussein’s Iraq with devastating effect back in the 1990s, Washington is now the key country brandishing that same weapon, using trade sanctions and other means to curb the exports of energy-producing states it categorizes as hostile. The Obama administration has taken this aggressive path even at the risk of curtailing global energy supplies.

This post was published at Lew Rockwell on October 13, 2014.

The Oil Weapon: A New Way To Wage War

Washington Takes on ISIS, Iran, and Russia.
It was heinous. It was underhanded. It was beyond the bounds of international morality. It was an attack on the American way of life. It was what you might expect from unscrupulous Arabs. It was ‘the oil weapon’ — and back in 1973, it was directed at the United States. Skip ahead four decades and it’s smart, it’s effective, and it’s the American way. The Obama administration has appropriated it as a major tool of foreign policy, a new way to go to war with nations it considers hostile without relying on planes, missiles, and troops. It is, of course, that very same oil weapon.
Until recently, the use of the term ‘the oil weapon’ has largely been identified with the efforts of Arab producers to dissuade the United States from supporting Israel by cutting off the flow of petroleum. The most memorable example of its use was the embargo imposed by Arab members of the Organization of the Petroleum Exporting Countries (OPEC) on oil exports to the United States during the Arab-Israeli war of 1973, causing scarcity in the U. S., long lines at American filling stations, and a global economic recession.
After suffering enormously from that embargo, Washington took a number of steps to disarm the oil weapon and prevent its reuse. These included an increased emphasis on domestic oil production and the establishment of a mutual aid arrangement overseen by the International Energy Agency (IEA) that obliged participating nations to share their oil with any member state subjected to an embargo.

This post was published at Zero Hedge on 10/10/2014.