60 Minutes started off its show with a segment very familiar to The Lie Politic. The oil nations are in fear! They are seeing the United States, their largest customer, not only in a recession, but marching to a different drummer.
The result? Saudi Arabia is frightened, and they blundered. They admitted openly on 60 minutes that they have been either lying outright or concealing facts pertaining to their reserves.
Ali Al-Naimi, the Saudi oil minister and de facto head of the OPEC oil cartel said, when asked directly what the cost of extracting the oil in Saudi Arabia is, “It is probably less than $2.00 to produce a barrel”, but then 60 minutes stated Saudi Arabia needed $55 a barrel to support the cost of running their country. Not to run the business, to run the country! This clearly demonstrates what we have been saying. They are a one product nation. If oil dies, their economy dies.
Ali Al-Naimi went on to say, “Any price must be good for the producer, the consumer, for the investor, the oil companies”.
Certainly, the consumer was not OPEC’s concern while oil dependant nations were begging for more supply north of $140 a barrel. At that juncture, OPEC was nowhere to be found. Had they clearly stated the facts, oil would have never risen above $100 a barrel!
New fields that have been in development for years are coming online in early 2009. They will produce nearly 2 million barrels a day. This is more oil in these two fields alone than the entire daily production of Indonesia and Qatar combined.
The manager of the project, in an interview with Lesley Stahl, stated that the new reserves would last the world 50 years at 2 million barrels a day. The price of oil isn’t just plummeting because of the slow down in the US. It is plummeting because the supply that is about to come online is huge!
Ali Al-Naimi admitted in the interview they have 260 billion barrels currently accessible with the potential to nearly double that amount!! Read that again, please.
What kind of evil and greed would have concealed this information, supporting a rise in oil to $147 a barrel, and tipping the world’s economy into a recession, if not a depression?? Had they informed the world of this supply last year, oil would never have broken $100 a barrel!! They, along with billionaire hedge funds and other lying speculators, manipulated us all. And 60 minutes is evidence of the lie!
Could this be a conspiracy with the oil companies? Could it be a conspiracy with large commodity traders? Certainly many of the insiders had to know!! This project has been ongoing for years. The projected output was well known to these experts. They just didn’t tell us!
The exact transcript of the words spoke is here or watch the video clips below: