Discussion and analysis by Michel Chossudovsky and Drago Bosnic.

Energy: it’s fundamental to human development.   There is an ongoing war for energy.

The movement in global prices on the New York and Chicago mercantile exchanges bears no relationship to the costs of producing oil.

The spiraling price of crude oil is not the result of a shortage of oil. It is estimated that the cost of a barrel of oil in the Middle East does not exceed 15 dollars.

The U.S. is involved in a act of global warfare directed against all major oil producing countries. 

Energy in various forms is the basis of economic and social development.

This global manipulation of the crude oil market has devastating impacts on industrial development, agriculture, the services economy, etc. particularly in the European Union, which is obliged to purchase US oil at an extremely high price when it could be buying it from the Russian Federation or the Middle East, including Iran.

The hike in the quoted market price of crude oil Worldwide is the result of manipulation. It’s an act of economic warfare, an engineered economic recession at the level of the entire planet, an instrument of impoverishment.

The prices quoted on the commodity markets do not reflect the actual value of petroleum or natural gas.

The Brent crude oil is selling for US$109 a barrel (October 27, 2026)  

A barrel of oil is equivalent to 160 Liters, approximately 42 gallons and this is the price for crude oil.

Compare that to the cost of extracting a barrel of oil in Saudi Arabia and the Middle East: 3 to 5 dollars a barrel in Saudi Arabia, less than $10 and countries of  the Middle East. Less than 10$. Cost of Extraction in Russia: $10-$20

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The Global Energy Crisis

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