Pipelines corrode and rupture, threatening workers, the environment, and nearby communities. In 2013, over 119,000 barrels of oil were spilled in 623 incidents.
Oil markets were dominated by Morgan Stanley, Goldman Sachs, JP Morgan, and other investment banks with their own proprietary trading operations and an army of participants on both sides of the trade. But now they’ve abandoned the oil market.
Natural gas ‘exporters’ took in billions, stocks soared fabulously. Alas, there isn’t enough US natural gas to export. How could this happen? Consensual hallucination.
As the world’s biggest net importer of crude, China is in a vulnerable position: utterly dependent on oil imports, at a time when its economy is beginning to wobble.
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