World energy crisis: Countries held hostage by speculators in oil futures

Various world media outlets have over the past year or so claimed that there is a world energy crisis. The shortage of oil output is the cause.

Why then, are oil refineries claiming that they have enough oil on hand to process the demand for distilled products? There is no shortage of petrol or lubricants that can be seen in any place in the world that is due to a shortage of oil.

The answer seems to be the lack of regulation of "spot buyers" and "speculation buyers". They are buying oil futures even before the oil is pumped out of the ground on the bet that the oil price will continue to rise rapidly. The theory is buy low, hold the oil stocks and sell high when the profits are maximum with market demand.

There is not much we here in Malta can do about this situation except to tighten our belts anyway we can. We are simply being held hostage by greedy indiviuals who are in the business of buying and selling oil stocks. They could not care less if the economy of Malta collapsed or for that matter of any other small oil-consuming country as well.

The main point of this position is that these individuals are under little regulation by any government agency. There is nothing to stop them making these windfall profits at our expence.

Since there is minimal regulation, could these individuals cause world unrest and conflicts to keep the world oil prices up? There are indications in some areas of the oil production world that rebellious groups entertain disruption of oil supplies. In many cases the groups are very well financed.