Today’s soaring energy costs are frightening. But the deeper truth, often overlooked, is even more shocking. The global oil and regional gas markets are anything but – they are rackets, a profiteer’s paradise. If they operated in a single legal jurisdiction, they would have long been deemed illegally rigged.
The excess, unearned profits of the oil and gas industry are astronomical, recently revealed as $3bn every day for the past 50 years. That’s $1tr a year, on average, from the pockets of you and me into the bank vaults of dictators and big oil. It may be the biggest shakedown in history.
