As American motorists complain of rising gasoline prices, the Trump Administration and the oil and banking interests behind it are smiling on their way to the proverbial bank. If we look at seeming disparate events in Iran, in Venezuela and now in Libya it becomes clear there is a coherent strategy to promote disruption in key oil flows to the immediate advantage of US oil domination.
A decade ago the idea that the United States could displace Saudi Arabia or the Russian Federation as the world’s largest oil producer was considered unthinkable. Today it is clearly a foreign policy priority of the Trump Administration and the major Wall Street banks financing US shale oil production. The strategy is geopolitical and ultimately aims to weaken Russia, Iran and the other independent world oil producing powers like Venezuela.
If we look at several recent events that have dramatically impacted global oil prices a clear pattern emerges not of free market forces but of geopolitical manipulation, above all by Washington. The cases of Iran, of Venezuela and most recently of Libya make the case clear that Washington is determined to push an oil price high enough to again make economical investment in its developed shale oil industry.
Iran not about nuclear but oil
The obvious point about the Trump administration unilateral rejection of the Iran nuclear agreement, an agreement that was to have enabled Iran to be free from Western economic sanctions and open the way for billions of dollars of foreign investments, above all in her oil and gas industry, is the fact that it had nothing to do with Iran’s nuclear plans per se. It has immediately to do with an excuse to re-impose economic sanctions on Iran oil sales and oil and gas development.
Ignoring UN IAEA reports finding Iran compliant with the nuclear agreement, the Trump Administration in May unilaterally announced a de facto end to the agreement to the protests of EU, Russia and China signatories. On November 4, barring an unlikely Iran capitulation to Washington demands, severe new sanctions targeting mainly Iran oil exports will come into force. Washington is linking its actions to Iran’s agreeing to withdraw support for Shi’ite forces in Yemen and Assad in Syria.