Controversial theory presented at Rotary

Lancaster Online
Oil expert discusses high prices
Controversial theory presented at Rotary

By Patrick Burns
Intelligencer Journal

Published: Mar 28, 2005 9:12 AM EST

LANCASTER COUNTY, PA – A controversial oil industry expert speaking earlier this month at the Lancaster Rotary Club said the U.S. government is responsible for record-high gasoline prices.

James R. Norman, a former editor of Forbes magazine and a senior writer with a prominent oil industry newsletter, said high oil prices are part of a National Security Administration policy to prevent the superpower Chinese from achieving global dominance.
Norman, who also spoke at two other venues in Lancaster this month, said there is a long-term economic strategy in place to restrain Chinese growth through artificially high oil prices.

By creating “paper demand” for oil on the New York Mercantile Exchange, large U.S. oil companies, the Saudis and the Bush administration have conspired to nearly triple world oil prices from about $20 a barrel in New York at the start of 2002, according to Norman.

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