another on other important questions to know there are other more forthright it s a much more oil and gas strategies play a major role in global politics there s no doubt about that but for it that is the the base not putin is head of the presidential commission of the energy sector of russia and we should put the people in that if school works for us. the oil crisis has reconfigured the g.o.p. it. the landscape resulting in surprising new alliances in one nine hundred forty five brought king even the son out of president franklin roosevelt together this time king solomon of saudi arabia traveled to russia to meet with president clinton . i. think she is the shoe store she look at or even russia there are political forces that support the opec plus agreement with the government and the president leading the way but as you. rice there are other forces that are categorically
iraq held nearly ten percent of the world s oil reserves like the u.s. had taken another step in the direction of reducing its dependence on saudi oil nationals in any conflict your fate will depend on your actions. do not destroy wells a source of wealth that belongs to the iraqi people the americans would prove to have a keen interest in iraq s oil fields the weapons of mass destruction supposedly possessed by saddam hussein were little but a pretext in two thousand and three oil cost thirty dollars a barrel. the wolves of wall street got into the act the big american banks had the scent of black gold which had become an attractive commodity on the global market.
into goldman sachs and morgan stanley became major players. there were years when goldman sachs and over a billion dollars from commodities trading bubble. the commodities. falling and sears. the banks the speculators realized that oil especially crude oil was a fungible good. kind of substitute for money if you will. the most fungible good is money which is traded around the world but why don t you next come crude oil petroleum gasoline out of but it s also bought and sold all over the world the banks used oil as a way to engage in speculation. this because if. the financial industry had free rein they traded in future is legally binding contracts without ever seeing so much as
price and twenty fourteen and t.j. and twenty fifteen was the result of several factors when i was the audit and to have first was the increase in oil production outside opec mainly american shale oil. and i am going to stand the second factor was a slowdown in growth that we had and the global demand for oil sadhu that it will and with that it s. in the door of one to get any third of the opec countries didn t respond quickly enough we saw a drop in oil prices. they did not do what was necessary for the market to regain stability it was english. the entire saudi economy was affected by the collapse in oil prices. for the first time in its history the kingdom faced a record budget deficit of ninety eight billion dollars. in europe fuel prices were decreasing but in saudi arabia they increased by fifty