Saudi Prince Alwaleed says that production costs are even lower – in the range of $4 to $6 per barrel:

As Goldman Sachs has admitted, speculators have caused the price of oil to rise at least $25 per barrel above what fundamentals would dictate. In truth, the entire media narrative has been spun to mislead the public into believing that price moves are being driven by increases in demand. Despite the fact that oil consumption decreased by 1.1 Mbd over the last year, news outlets have suggested otherwise by stating that there has been a "drawdown of inventories". This is because deliveries of oil have decreased by 1.2 Mbd over the same period.

Clearly there is no shortage of oil, the US has 1.75Bn barrels of oil in storage, enough to offset 186 days of imports (9.4Mbd) and 60% of those imports come from Canada and Mexico, not OPEC so our 1,750 MILLION barrels of storage would offset over 500 days worth of imports from the Middle East and Africa – even if it was TOTALLY cut off... Oil jumped yesterday, as it often does, on a draw-down in oil inventories which Criminal Narrators Boosting Crude play off as an indication that demand is picking up. This could not be further from truth! What CNBC, the WSJ or any kind of real journalist COULD do, in roughly 30 seconds, is LOOK at the ACTUAL EIA Report. Doing that, they would see that the net drawdown of 100,000 barrels was caused by Net Imports of crude dropping from 10.62Mbd last year to 9.42Mbd this year.

Here's the rub: Instead of adding value to the process by driving down prices, brokers on Wall Street are working in concert with Big Oil (and the corporate news media) to rip everyone off.



