So it is with the price collapse that sent oil from $110 (U.S.) a
barrel in June to about $50 today. How and why did it happen so fast?
How do you explain the fall when global oil demand is not, in fact,
falling; it continues to rise. Surely, more than simple economics –
supply outstripping demand – is at play.
Easy answer: It’s a conspiracy.
It’s not just the conspiracy nuts who say so. Iranian President Hassan Rouhani told a cabinet meeting that the oil price collapse was “politically motivated” and a “conspiracy against the interests of the region, the Muslim people and the Muslim world” (never mind that the OPEC giant behind the price drop, Saudi Arabia, is rather Muslim).
Russian President Vladimir Putin in effect said the same. “We all see the lowering of the oil price. There's lots of talk about what's causing it,” he said recently. "Could it be the agreement between the U.S. and Saudi Arabia to punish Iran and affect the economies of Russia and Venezuela? It could.”
Ditto Nicolas Maduro, president of Venezuela, the OPEC country driven to near collapse because of the price fall. Answering his own rhetorical question, he explained that the low price was engineered by the United States and its allies “to harm Russia.”
Herewith your handy guide to the most popular oil-plunge conspiracies, plus one that I made up – my oil-soaked grassy knoll.
1. SLAPPING RUSSIA
2. SLAPPING VLADIMIR
4. SAUDI ARABIA VS. CANADA
5. SAUDI OWN-GOAL
6. IT’S THE ENVIRONMENT, STUPID
Read more: Six conspiracy theories behind plunging oil prices - The Globe and Mail
Easy answer: It’s a conspiracy.
It’s not just the conspiracy nuts who say so. Iranian President Hassan Rouhani told a cabinet meeting that the oil price collapse was “politically motivated” and a “conspiracy against the interests of the region, the Muslim people and the Muslim world” (never mind that the OPEC giant behind the price drop, Saudi Arabia, is rather Muslim).
Russian President Vladimir Putin in effect said the same. “We all see the lowering of the oil price. There's lots of talk about what's causing it,” he said recently. "Could it be the agreement between the U.S. and Saudi Arabia to punish Iran and affect the economies of Russia and Venezuela? It could.”
Ditto Nicolas Maduro, president of Venezuela, the OPEC country driven to near collapse because of the price fall. Answering his own rhetorical question, he explained that the low price was engineered by the United States and its allies “to harm Russia.”
Herewith your handy guide to the most popular oil-plunge conspiracies, plus one that I made up – my oil-soaked grassy knoll.
1. SLAPPING RUSSIA
2. SLAPPING VLADIMIR
4. SAUDI ARABIA VS. CANADA
5. SAUDI OWN-GOAL
6. IT’S THE ENVIRONMENT, STUPID
Read more: Six conspiracy theories behind plunging oil prices - The Globe and Mail
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