Challenging the conventional wisdom surrounding high oil prices, this compelling argument sheds an entirely new light on free-market industry fundamentals. By deciphering past, present, and future geopolitical events, it makes the case that oil pricing and availability have a long history of being employed as economic weapons by the United States. Despite ample world supplies and reserves, high prices are now being used to try to rein in China—a reverse of the low-price strategy used in the 1980s to deprive the Soviets of hard currency. Far from conspiracy theory, the debate notes how the U.S. has previously used the oil majors, the Saudis, and market intervention to move markets—and shows how this is happening again. This compact and unorthodox analysis will appeal to a broad audience—from energy consumers puzzled by intractably high oil prices to producers wondering how long windfall prices can defy gravity.
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"James R. Norman says in The Oil Card that the price you pay at the pump is not determined by the free market." —theepochtimes
About the Author
James R. Norman is a veteran business journalist and energy reporter. He is currently a contributing writer for McGraw-Hill's Platts Oilgram News. He has also written for Forbes, BusinessWeek, and the Ann Arbor News, where he won an award for investigative reporting on an oil and gas scam. He lives in New York City.
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30 of 32 people found the following review helpful:
5.0 out of 5 stars
THE OIL CARD,
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This review is from: The Oil Card: Global Economic Warfare in the 21st Century (Paperback)
The Oil Card: Global Economic Warfare in the 21st Century
The author has done an excellent job of researching an incredibly complex subject and committing it to paper...He shows a real depth of knowledge and perception of not only the mechanics of the energy markets, but also the history and politics behind them. He daylights the government's strategy against Russia starting during the Reagan administration ...He documents and proves beyond doubt the point that the US government and its allies artificially kept oil prices low for years to starve the Soviets of income, an important tactic that was essential to winning the Cold War. The contrarian thesis of this book is that the government is now attempting to do the same to China by weakening China's economy by keeping energy (and other commodity) prices high. Showing the background and illuminating the methods employed in the futures/derivatives markets and by controlling the physical oil market supply itself, the author makes a compelling argument that is entirely believable. He very accurately and completely portrays the genesis and the implementation of the energy price manipulation activities in the futures/OTC markets that many of us firmly believe is exactly what has occurred. For years many of my colleagues and former major players in the energy market have critically discussed the Wall Streeters and hedge funds involvement and tactics of bringing non-oil players into the energy markets. The net result is these players are driving market prices and ignoring traditional market fundamentals, artificially driving oil prices upward based upon self generated bogus risk factors and alleged technical analysis. This is definitely not a book for amatuers however...Because of the detailed information provided, it takes considerable energy market knowledge and experience to understand what he is saying, not an easy read, more like a text book and a great primer for market players. Certainly many will find the chapter on China itself interesting and informative. However if you want to read a fascinating story of how and why we got to $146/bbl crude oil, this is the book for you. Richard Perkins
12 of 14 people found the following review helpful:
2.0 out of 5 stars
Very interesting, indeed; true? Another matter,
By S. J. Snyder "De gustibus non disputandum" (Various, United States) - See all my reviews (VINE VOICE) (REAL NAME)
This review is from: The Oil Card: Global Economic Warfare in the 21st Century (Paperback)
Another way to phrase it is, this book's ideas might look great from a distance, but look up close and it's a different story.
Why? The dots Norman uses to connect his story? They can be connected in other ways. And, he ignores or tries to explain away dots that aren't convenient to his position. First, with more than half the world's proven reserves in the hands of foreign national countries, it's not so easy for the USofA to manipulate oil markets as he claims. Second, the claim that the invasion of Iraq was about not just oil, but China's attempts to get its claws on Iraqi oil after the likely lifting of U.N. sanctions? Just one problem with that. The French and Russians both had contracts for far more oil exploration in Iraq in 2002 than did China. And, according to Norman's quasi-conspiratorial theme, both of those countries were "on our side" in trying to manipulate oil prices against China. Third, Norman's casual, even cavalier dismissal of Peak Oil is made without much in the way of evidence to back up such dismissal. Fourth, the one big piece of empirically examinable support he offers is ... abiotic oil. That's a **definite** minority belief. But, given his quasi-conspiratorial angle, not a surprising belief for him to hold. Fifth, why is the market, especially for light sweet crude, so "inflexible," in his words, unless we ARE getting closer to Peak Oil? Finally, he minimizes the role of speculators even while covering in detail how lax Commodity Futures Trading Commission oversight, combined with general economic bubble conditions, have given them such control.
1 of 1 people found the following review helpful:
5.0 out of 5 stars
Interesting book,
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This review is from: The Oil Card: Global Economic Warfare in the 21st Century (Paperback)
This book is an easy read. It is well documented with footnotes; I liked that. Wars can be fought in a variety ways. In fact this might be considered as the modern way to fight a war, avoiding all the terrible destruction, and inconvenient death, and rebuilding. I do want to repeat the book is documented, and I think is important. The author invites you verify his thought process, or to make your connections.
Von Claus is military commentator and philosopher. (Hopefully I spelled his name right.) He stated once war is just an extention of politics by alturnative means. At some point we will have name for economic welfare; but if you think about it maybe not, history full of examples of economic conditions driving events. This book spells out the logical next step of war and politics, which is using economics to drive foriegn policy, and by active manipilation of economic factors to achieve a goal. I enjoyed book. I am debating about keeping it my collection.
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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