Who Profits from Black Gold?

203

April 14, 2020

Published in Tribune de Genève
(Switzerland) on 7 April 2020
by Roland Rossier (link to original link to original)

Translated from by Haley Frevert. Edited by Laurence Bouvard.

The figures are astounding. While the price of oil plummeted by 48% between January and April, the price of fuel oil fell by 20% in Geneva and Switzerland, and that of gasoline by barely 7% during the same period.

Like a chorus, oil companies explain that this difference is mostly due to taxes levied by public authorities, and also to the costs associated with the distribution of this liquid which has become politically sensitive as well as the operation of service stations. That is perfectly true. But largely incomplete.

Politicians, as well as citizens, must grease the wheels and require much more transparency from this sector.

At a time when the population is confronted by a health challenge with extraordinary reach, where death is lurking and prematurely killing dozens of people, and most sectors of the economy are preparing as best they can for the coming tsunami, the oil sector must lead by example. In particular, it must provide a more credible and detailed breakdown of the price-setting process.

As for the prevailing infernal trio, the United States, Russia and Saudi Arabia, their hunger for domination in an area that remains largely strategic is not very surprising. But, in these dramatic times, it is becoming obscene.

The figures are astounding. While the price of oil plummeted by 48% between January and April, the price of fuel oil fell by 20% in Geneva and Switzerland, and that of gasoline by barely 7% during the same period.

Like a chorus, oil companies explain that this difference is mostly due to taxes levied by public authorities, and also to the costs associated with the distribution of this liquid that has become politically sensitive as well as the operation of service stations. That is perfectly true. But largely incomplete.

Politicians, as well as citizens, must grease the wheels and require much more transparence from this sector.

At a time when the population is confronted by a health challenge with extraordinary reach, where death is lurking and prematurely killing dozens of people, and most sectors of the economy are preparing as best they can for the coming tsunami, the oil sector must lead by example. In particular, it must provide a more credible and detailed breakdown of the price-setting process.

As for the prevailing infernal trio, the United States, Russia and Saudi Arabia, their hunger for domination in an area that remains largely strategic is not very surprising. But, in these dramatic times, it is becoming obscene.

This post appeared on the front page as a direct link to the original article with the above link .

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