PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MSI who wrote (346173)	1/22/2003 8:40:21 PM
From: Just_Observing	Read Replies (4) of 769667

Re: Wow, that's 4x to 10x higher than what was published as a "valuation"... It's not just the valuation. It also has to do with future supply. When everyone else's oil has been depleted, Iraq will have huge reserves. So the true strategic value of Iraqi oil is almost priceless. That explains the haste to go to war to grab this asset, IMHO. Take a look at the statistics on the ratio of reserve to oil production – the number of years that reserves of oil will last at current production rates – compiled by Jeremy Rifkin in Hydrogen Economy. In the US, where more than 60 per cent of the recoverable oil has already been produced, the ratio is just 10 years, as it is in Norway. In Canada, it is 8:1. In Iran, it is 53:1, in Saudi Arabia 55:1, in the United Arab Emirates 75:1. In Kuwait, it's 116:1. But in Iraq, it's 526:1. And this forthcoming war isn't about oil? victoria.indymedia.org

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