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Politics : Stop the War! -- Ignore unavailable to you. Want to Upgrade?

To: CapitalistHogg™ who wrote (759)	3/21/2003 12:25:36 AM
From: Just_Observing	Read Replies (2) \| Respond to of 21614

If this war is about taking the oil why didn't we take it last Gulf War? The last Gulf War was a coalition of many countries. There was no easy way to take the oil. But we did get a permanent presence in Saudi Arabia. It's no coincidence that oil prices stayed low through the 90s, IMO. In fact if we really wanted their oil we could circumvent the sanctions and buy it--CHEAP. Iraq's oil infrastructure is falling apart due to the sanctions. They can barely produce 2 million barrels of oil a day. This has been putting upward pressure on oil prices. We consume about 20 million barrels a day of the 76 - 78 million barrels a day produced in the world. We import 10 to 10.5 million barrels a day. So even if we got all of Iraq's oil, it would be just 20% of our imports or 10% of our consumption. If Iraq did not up its oil production, oil prices would continue to rise. And the US uses much more oil per unit output of GNP than Europe or Japan or China. So we have the most to lose from higher prices. Saudi Arabia has 40 years of oil production at current rates of extraction. Iraq had about 550 years worth. If we can get Iraqi oil onto the market, it will keep oil prices low. Which is a big help for us since we consume the most. The invasion is about Iraqi oil. And our insatiable appetite for oil.