Oil Lot Why do gas prices shoot up with oil prices, and then fall a lot slower than oil prices?
We have all seen the price at the pump skyrocket overnight and yet when oil falls $20 a barrel, it takes months before we see a fraction of what it went up.
The gas stations had to decrease profits when the oil prices jumped. Right now, they are trying to recoup the money they lost.
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Lot Lotis a multiplatform puzzle video game developed by Japanese entertainment media company Tokuma Shoten. Tokuma Shoten got into the video game industry after the meteoric rise in popularity in Japan. They licensed the game for distribution in the arcades to Irem, while they published the game themselves on home platforms, including the Famicom. Additionally, they ported Capcoms scifi shooter Exed Exes to the Family Computer. Author: Surhone, Lambert M./ Tennoe, Mariam T./ Henssonow, Susan F. Binding Type: Paperback Number of Pages: 152 Publication Date: 2011/02/24 Language: English Dimensions: 5.98 x 9.02 x 0.35 inches
In March 2004, the last of the old-fashioned mercenaries, Simon Mann, launched Operation Malabo to gain control of nearly 1.1 billion barrels of oil in the Gulf of Guinea. Operation Malabo, an old-fashioned coup, collapsed and, last week, in a deal dubbed Mann-for-Oil, Mr. Mann was facing the prospect of spending thirty years in Black Beach, a notorious prison in Equatorial Guinea.
Government sources in Harare, Zimbabwe—where the coup plotters were arrested as their plane destined for Equatorial Guinea made a fuel stop—are quick to deny claims that Robert Mugabe effectively sold Mr. Mann in return for cheap oil. “Simon Mann organized the coup, he must pay for it,” an aide to President Mugabe asserted earlier today. “We have been buying our oil from Equatorial Guinea, with or without the coup.”
Equatorial Guinea, one of the world’s smallest nations tucked between Cameroon and Gabon in western Africa, produces 420,000 barrels of oil daily. Few outside the oil industry are aware that Equatorial Guinea is the third largest oil producer in Sub-Saharan Africa, after Nigeria and Angola. The substantial development of the petrochemical complex in the Gulf of Guinea indicates that Equatorial Guinea could double its oil exports within five years; daily domestic consumption in the poverty-stricken nation is barely 1,100 barrels!!
Over lunch in a private London club in late-2003, Mark Thatcher, one of Simon Mann’s key financiers, explained why Equatorial Guinea was the highly preferred target for regime change. “The facts speak for themselves,” said Mr. Thatcher, son of former British Prime Minister Margaret Thatcher. “A desperately poor country run by a despot, lots of oil in the sea, and only 28,000 km in size—just ripe for a perfect coup.”
Without doubt, had Simon Mann and his dogs of war landed in Malabo, Equatorial Guinea’s capital city, a coup could have been perfected in short order. Unconfirmed reports claim that the CIA, MI6 and colonial-era ruler Spain had provided Mr. Mann with their silent consent, given that a pro-western post-coup regime would allow western multinationals to exercise a powerful influence over the oil reserves of the entire region. “West Africa is expected to be one of the fastest-growing sources of oil and gas for the American markets,” US Vice President Dick Cheney observed in a 2004 study. In order to secure West Africa’s oil (and, potentially, gas) Vice President Cheney advocates the establishment of US naval bases in one or more strategic locations.
Was Operation Malabo designed to be a critical first response to the grand expansionist plans of oil-hungry vultures from China, Russia and India? After all, the US Energy Information Administration estimates that the Gulf of Guinea could be producing 10% of the world’s oil by 2020. Moreover, Equatorial Guinea’s island of Bioko—with Malabo at its northern tip—is right in the heart of the Gulf.
Finally, on a simple cost-reward ratio, Operation Malabo was a classic no-brainer. “Look what a million bucks will do,” one of Mr. Mann’s colleagues had boasted, somewhat ironically, since—in hindsight—nobody came out of the exercise looking particularly good. Operation Malabo’s budget was, in fact, a million bucks: US$250,000 for arms and equipment, US$350,000 in out-of-pockets and US$400,000 in salaries and bonuses. And for a million bucks, the entire oil riches of Equatorial Guinea, if not the Gulf of Guinea, were to be placed at the mercy of Simon Mann’s financial backers.
For the record, Equatorial Guinea remains a microcosm of the third world’s energy-driven economies; even today, conditions are ripe for a successful coup, or an internal uprising. The overwhelming majority of the population (525,000) still lives on less than one dollar a day. There is hardly any drinking water or electricity. Sewage runs through the streets of Malabo. There is no public transport. Political protestors are routinely tortured at Black Beach. And, yes, the bulk of the revenues from oil sales are diverted into secret foreign accounts controlled by President Teodoro Obiang and his extended family. [Simon Mann is currently appealing his extradition.]
About the Author
Authored by Chitra Ghosh, a consultant and specialist writer on junior mining companies engaged in the business of oil and gas. (The view expressed here are solely and exclusively the opinions of the author and related entity takes any responsibility for the use of Ms. Ghosh`s opinions).
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