The world's two biggest fields are Saudi Arabia's
Ghawar and Mexico's Cantarell
Located off the coast of Campeche state, Cantarell accounted for about 60% of the 3.3
million barrels a day that Mexico produced last year. The field's production in 2004 was
about 2.2 million barrels a day.
Oil corporations continue to buy politicians, resulting in Oil Rulers dominating every
nation in the world.
In 1950 the U.S. State Department and Aramco agreed on a scheme whereby the money Aramco
gave King Saud would be deducted from the company's tax bill, thus depriving the U.S.
Treasury of $50 million or more in taxes each year. Under the U.S. tax laws establishing
double taxation, the oil companies would not be taxed inside the United States. All the
major oil companies adopted the same tax dodge so that by 1973 the five largest companies
were making two-thirds of their profits abroad and paying no U.S. taxes on those earnings.
This arrangement allowed oil companies to pay lower U.S. taxes than any group of
industries. The United States had essentially turned into a country operated for the
profit of the oil rulers.
In 1973, OPEC raised oil prices by 70 percent as a political warfare tactic aimed at
western nations supporting Israel in the Yom Kippur War of October, 1973. That same year,
in December, prices were hiked another 130 percent and a temporary embargo was placed on
oil shipments to the United States and The Netherlands.
By the early 1980s, however, OPEC's influence began to wane as Western oil corporations
discovered new sources of oil and began to use political and subversive pressure to force
OPEC to cut back production to keep prices artificially high. OPEC's power has been
decimated by internal conflicts and the Iran-Iraq war that broke out in 1980. Within the
last several months, the U.S. has again warned OPEC about its raising prices by
threatening to open up our national strategic oil reserves. The U.S. and British oil
corporations insist on being the only ones to manipulate the price of oil. OPEC now
produces about 40% of the world's oil supply.
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