Ruminations on the Distortion of Oil Prices and Crony Capitalism: Selected Writings

Ruminations on the Distortion of Oil Prices and Crony Capitalism: Selected Writings

by Raymond J. Learsy
     
 

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At great cost and risk to the American and world economies, consumers are ripped off billions of dollars every day by oil interests and their malevolent influence on market pricing mechanisms. It's essential Americans and oil consumers throughout the world understand where the money they pay for oil's downstream products goes-including the money paid at the pump,

Overview

At great cost and risk to the American and world economies, consumers are ripped off billions of dollars every day by oil interests and their malevolent influence on market pricing mechanisms. It's essential Americans and oil consumers throughout the world understand where the money they pay for oil's downstream products goes-including the money paid at the pump, the money paid to heat their homes, and the money paid for the array of other petroleum-based products. In Ruminations on the Distortion of Oil Prices and Crony Capitalism, author Raymond J. Learsy not only discusses the distortion of oil pricing, but also focuses on effects of the crony capitalism that has enriched a select few and left Main Street in the lurch as a result of government mismanagement, moneyed influence, and craven oversight. This collection of previously published writings shows how speculators ratchet up the prices of basic material goods essential to daily lives. Learsy describes how ceding the determination of those prices not to the laws of supply and demand but predominantly to gambling dens on the trading floors of commodity exchanges as well as the price fixing collusion of producer nations (OPEC) is crippling to the world's economy.

Focusing as well on Wall Street's corrupting influence on the price of oil, gasoline, and other commodities, Ruminations on the Distortion of Oil Prices and Crony Capitalism provides an overview of the basic and important theme: the United States' enslavement to oil and the moneyed interests inextricably tied to it.

Editorial Reviews

Kirkus Reviews
2013-09-16
In this fiery collection of blog posts, veteran commodities trader Learsy (Oil and Finance, 2012, etc.) rails against the global oil-industry. According to the oil industry, oil is a commodity that's subject to the forces of supply and demand. But this is far from the complete truth, writes Learsy, a regular contributor to the Huffington Post who made his fortune as founder of a worldwide commodities trading firm. Oil prices, he asserts, are captive to the machinations of commodity speculators, investment banks, OPEC and petroleum heavyweights such as Russia. These entrenched interests can influence U.S. policy at the highest levels, he says, and distort prices for their own benefits. "We are robbed of billions of dollars every day by oil interests, in their manipulation of the market pricing mechanisms, at massive cost and risk to the world's economy," he writes. Penned with a hefty dose of what the author calls "rightful anger," the book looks at a turbulent 18-month period from January 2012 to May 2013 that witnessed the 2012 U.S. presidential election, oil prices spiking more than 9 percent in a single day and revelations of JP Morgan Chase's "London Whale" trading debacle. Learsy's blog entries address a range of oil-related topics, and his central theme soon emerges: The oil market has been hijacked by profiteers who game the system. Learsy alleges cronyism and inept oversight by the U.S. Commodity Futures Trading Commission, the U.S. Department of Energy, Congress, the courts and multiple presidential administrations. His posts combine insider knowledge and trenchant wit, and he isn't afraid to rebuke people when he feels they deserve it--including former Energy Secretary Steven Chu, Saudi Oil Minister Ali al-Naimi and JP Morgan Chase head Jamie Dimon. The book suffers, however, from a limitation that's common to blog-based collections: Its brief chapters whiz past like a series of editorials instead of probing deeper like an investigative exposé. That said, the author's stated goal is to educate everyday consumers, and as such, the book effectively elbows its way into the growing Main-Street-fights-back genre. A rallying cry for readers who feel ripped off at the gas pumps.

Product Details

ISBN-13:
9781475994513
Publisher:
iUniverse, Incorporated
Publication date:
07/08/2013
Pages:
374
Product dimensions:
6.00(w) x 9.00(h) x 0.83(d)

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