Oil Price set to collapse
November 2007. For Immediate release: New Technology to reduce Oil Price
(ACPA-New York) Wall Street is buzzing with rumors that the price of a barrel of oil is set to collapse following a technical breakthrough in the plastics industry.
The American Plastics Association, cheerleader for the billions of plastic bags that clog up the rivers and oceans of the world, claim they have overcome several structural problems and will soon start production of a plastic barrel for holding oil.
Oil has been a pretty worthless commodity for several decades. Countries such as Nigeria and Iran, awash in the black stuff, remain as backward, poverty-stricken and corrupt as the day they started pumping oil.
The profit has always been in the steel that makes up the barrel, a commodity that has traditionally been made in Western Europe and the USA. It does not take a Wall Street analyst to prove that the beneficiaries of oil have been the steel producing countries and not the oil producing countries.
With demand for steel rising in China and India in recent years, naturally the price of a barrel has rocketed. The price peaked recently at $98 a barrel or €67 in real money. However with the new plastic barrels set to come on line in January 2008, the price is set to collapse to about $5. A gallon of gas is expected to retail at its 1950 price of 27 cents a gallon in the US. The price wont change though in European Countries as new taxes will be introduced to offset the cost decrease.
Share of major oil companies showed steep declines on the announcement. Most people felt pretty happy about that.
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