Oil prices have risen drastically, leading to a potential collapse in our economy. But an oil industry spokesman says the oil shortage is a myth. If so, it’s working well for two very divergent groups: the oil companies, who are making record profits, and environmentalists, who want to hasten development of alternate fuels.
In the June 9th edition of the Independent, Steve Connor reports that UK oil industry CEO Richard Pike is saying that there is more than twice as much oil in the ground as major producers say?in fact, there are 1,200 billion barrels of oil available worldwide in proven reserves. Pike claims that big oil companies?which are making record profits?are happy to go along with this misconception, since it means they can keep their prices high.