No Fuel Choice: Our Economy Is Controlled by OPEC
- OPEC, spearheaded by Saudi Arabia, is deliberately keeping oil supply tight to prop up prices. OPEC production levels are not much higher than they were thirty years ago. With oil rising from $25 to over $100 per barrel in just six years, oil-rich countries have more than quadrupled their revenues, raking in over $1 trillions in revenues last year alone.
- The resulting transfer of wealth is already creating a structural shift in the global economy, creating economic fallout such as swollen trade deficits, loss of jobs, sluggish economic growth, inflation and, if prices continue to soar, inevitable recessions.
- At today's prices, foreign oil producers are extracting a tax of more than $1,600 a year from every American man, woman and child.
- In 2007, over $50 billion of local, state and federal taxes were lost to foreign oil.
- In 2007, our dependency on foreign oil deprived the U.S. of over one million jobs.
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Some are predicting $200 oil/barrel in the future. At that price, OPEC could potentially buy Bank of America with one month’s production, Apple Computers in a week and 5 General Motors in just 3 days. It would take less than two years of production for OPEC to own a 20 percent stake in every S&P 500 company.
No Fuel Choice: Our Dollars Are Bankrolling Hostile Foreign Nations
While our relations with the Muslim world are at an all-time low, more than 70 percent of the world’s proven oil reserves and over a third of production are concentrated in Muslim countries.
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While the U.S. economy bleeds, oil-producing countries like Saudi Arabia and Iran—sympathetic to and directly supportive of radical Islam—are on the receiving end of staggering windfalls.
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For decades, the de facto leader of OPEC, Saudi Arabia, has been actively involved in the promotion of Wahhabism, the most puritan form of Islam and its charities and other governmental and non-governmental institutions have been bankrolling terrorist organizations and Islamic fundamentalism.
-Courtesy www.setamericafree.org |
