Economic Outlook: The Government's Part in Raising the Price of Oil

Our government has a direct hand in raising the price of oil, the increase in OPEC oil prices was conceived and engineered right here in the United States.

| September/October 1977

In Washington it is widely known that since 1971, the United States has encouraged Middle East oil-producing states to keep raising the price of oil.

Raising the Price of Oil: A Created Energy Crisis

Julian M. Snyder, who publishes International Moneyline (Suite 2011, 25 Broad St., New York, N.Y. 10004), seems to have unusually strong connections with "the powers that be" in the Arab OPEC nations. And, for months, Mr. Snyder has been saying that the tremendous increase in OPEC oil prices back in 1973 was conceived and engineered right here in the United States.

"It is . . . widely known on the highest levels in Washington," says Mr. Snyder, "that since 1971, the United States has encouraged Middle East oil-producing states to raise the price of oil and keep it up. This is not some crackpot story, but information documented in black and white by open files at the State Department and by on-the-record interviews with such individuals as James Akins (former Ambassador to Saudi Arabia), Joseph Sisco (former Assistant Secretary of State), John Sawhill (former Energy Administrator), and others."

Mr. Snyder charges that OPEC (the Organization of Petroleum Exporting Countries) was originally created by the U.S. State Department at the urging of the big banks and the international oil companies which in his words, have "dominated the U.S. Government for years". These banks and energy companies profit mightily from the current international imbalance in oil payments and again in Mr. Snyder's words, "are perfectly willing to sell the people of the United States down the river for the sake of getting a further hammerlock on the commerce of the planet. They may have even more ambitious plans."

The Energy Crisis is a Hustle!

Julian M. Snyder's charges may sound preposterous when made by one lone economist. But they take on added weight when supported, at least in part, by the prestigious Wall Street Journal. And that's just what the WSJ has been doing with editorials such as "1,001 Years of Natural Gas" (April 27, 1977), "ERDAgate" (May 20, 1977), and "The 'Energy Crisis' Explained" (May 27, 1977).

That last editorial began with these words, "The energy crisis is a snare and a delusion. Worse, it's a hustle." The WSJ editorials — and letters received by the paper from petroleum engineers and non-Washington economists — flatly state that the world is nowhere close to consuming all the planet's oil and natural gas. All we have to do to ensure plentiful supplies of petroleum for uncounted decades, they say, is get the fumble-fingered politicians completely out of the picture and let supply and demand fight it out in the marketplace. One WSJ energy editor states that we have enough untapped natural gas in this country "to break the oil cartel" any time we want to.

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