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Politics : Formerly About Applied Materials

AMAT 262.07

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1:21 PM EST

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To: chomolungma who wrote (67422)	1/28/2003 12:47:54 PM
From: zonder	Read Replies (1) of 70976

It's absurd to think that any of these "oil people" are going to gain ownership of Iraqi oil. I have never said that the people in the Bush administration would gain "ownership" of Iraqi oil. What will happen, and I am willing to bet money on this, is that right after the invasion of Iraq, the concessions to develop Iraq's oil fields will be awarded to US companies. It is naivete bordering on stupidity to think for a minute that Bush et al have nothing to do with these companies. This increased production (low cost, as you point out) will have the effect of lowering oil prices ... You will see that the price of oil will not drop as significantly as the media would lead us to believe. The current levels are obviously hyped due to Venezuela shortage and the looming war on Iraq, but if you look at the prices that preceded this current hike, we are not going to far much below those even after Iraq oil production goes up. Consider that: (1) It will take at least a year to put Iraq's fields in working order for pumping oil in any significant capacity (2) OPEC will not cease to exist and will continue to regulate oil prices, this time with the cooperation of Russia whose oil is much deeper (and costlier to extract) (3) The new bosses of the oil in Iraq will not like a low oil price, either. and all of Mr. Bush's contributors will suffer because of it Oh you mean the contributors who will make FORTUNES pumping the oil in Iraq in the first place??? You'll have to look elsewhere for your hidden agenda. Sorry. Or rather, you have to look harder at the situation. Sorry.

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