Owing to blatant manipulation of world oil markets by western commodity speculators, to supplement the sanctions imposed upon the Russian Federation the US is trying to whip up further hysterical support for more of the same.

Having destabilised Ukraine by instigating the troubles in Kiev last February it is trying to whip up EU support for further sanctions which is hurting all of our economies.

The truth of the matter is that the US do not give a toss over the future of Ukraine, but more about the future of the dollar sustaining its current place as the world’s reserve currency.

The reason for NATO moving up to Russia’s borders is an attempt to isolate it, and which directly contravenes the promises made after the disillusionment of the Soviet Union.However, it is more of a panic measure in retaliation for the setting up of the BRIC trading block. To use the Americans’ own terminology, ‘there are new kids on the block’ and even though the Russian economy may be showing discomfort due to their sanctions it will not last, and President Putin will see this as a price well worth paying to be able to free his nation and those of the other BRIC’s from the shackles of the US dollar. President Obama announced the 50-year-old sanctions against communist Cuba are to be ended which came as a shock to members of the senate who have already expressed opposition, However the reason would appear the US is terrified of the BRIC countries and in particular in this case Latin America, and the proposal to move away from the use of the dollar as the world’s reserve currency. The major BRIC (acronym) countries are Brazil, Russia, India, China, and South Africa, and already some have been trading in alternative currencies to the US dollar which is something they vowed will eventually increase still further, until it reaches the stage where it is sidelined all together.

Yesterday a leading expert on North Sea oil stated the current oil price below $60 per barrel makes its costly extraction unviable and that equipment and jobs are being cut to try and save the industry and thus this is surely having an effect upon our countries earnings also.

This is on top of the loss of trade, and jobs with Russia by some of our leading companies, which is never likely to return.

The truth of the matter is that our country and the EU are suffering for the sake of US actions, and its attempt to preserve the status quo for its own ends, and what’s more it cares little about the adverse consequences that its actions are having.

We may all be celebrating the news in the media this week of a ‘cheap Christmas; as it was so eloquently put, with the price at the fuel pumps being the lowest since 2009. However as good as this may appear, the deliberate speculative price manipulation will not last and it is likely that in the new year all the savings will be clawed back by being reflected in spiralling prices.

GA Woodward Nelson Street Swindon