That this government has lost all sense of proportion is evident from the arguments ranging from ridiculous to the outrageous made by its senior leaders to justify the recent increase in prices of essential fuel supplies. Embroiled in the wave of corruption, the present dispensation, which has scant regard to the livelihood of millions of poor people, has lost all moral authority to govern this country.
The situation of the energy sector in Latin America is determined by both internal and external correlations of political forces, the level of class organization and power within the ruling and the working classes, the condition of the world economy and the strength and weakness of US imperialism. A presentation by James Petras at a plenary session of the international meeting of electrical workers in Mexico organized by the Sindicato Mexicano de Electricistas (SME).
As exploitation intensifies, resistance increases.
The rise in overt militarism and imperialism at the outset of the twenty-first century can plausibly be attributed largely to attempts by the dominant interests of the world economy to gain control over diminishing world oil supplies.
Iraq said on Monday it has failed to sign technical support agreements with global oil majors which were aimed at helping boost the war-torn country's oil production.
The Iraqi federal government is set to sign oil development contracts with BP, Shell, ExxonMobil and Total – their first since their 1925 concession was cancelled in the early 1970s.
Courtesy: Outraged Comics For Image
As the neoliberal edifice crumbles in the face of rising prices, a rationing regime becomes the only way of protecting the poor from their impact. Prabhat Patnaik writes in the Frontline magazine.
The global crude oil price rise is complex, sinister and beyond innocent economic theories of demand and supply. It is speculation, geopolitics and much more. Obviously, there is a symbiotic link between the US, the US dollar and the oil prices. And unless this truth is understood and the link broken, oil prices cannot be controlled.