World is on the brink of the longest-lasting oil glut...so why is gas so expensive=GREED The Fleecing Of America and Canada

The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable.

Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. If the Organization of Petroleum Exporting Countries were to keep pumping at current rates it would become the longest surplus since at least 1985 by the third quarter, the data show.

High Gas taxes to Governments make them complicit with Oil Companies in fleecing citizens. The Fleecing Of America and Canada...

Global Oversupply

Producing at that level would imply a global oversupply of 1 million barrels a day in the third quarter and 600,000 barrels in the following three months, according to IEA projections for global demand and non-OPEC supply compiled by Bloomberg. That would be the eighth consecutive quarterly surplus, exceeding the current record of six quarters from 1997 to 1998.

The glut could swell further if Iran and world powers reach an accord on the Islamic Republic’s nuclear program by their June 30 deadline, Commerzbank predicts. The country could boost exports by 1 million barrels a day within seven months of sanctions being removed, Oil Minister Bijan Namdar Zanganeh said in Vienna on June 3.

http://business.financialpost.com/news/energy/world-is-on-the-brink-of-the-longest-oil-glut-in-at-least-30-years-with-no-end-in-sight?__lsa=fc46-bd70