Announcement

Collapse
No announcement yet.

A Brief History of Iraqi Oil

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • A Brief History of Iraqi Oil

    There’s an old saying about investigating crime: “Follow the money.” Do you want to understand what’s happened, and is still happening, in Iraq? Follow the oil. In order to believe that this was not a war about oil, you have to ignore the clear historical record of Bush/Cheney administration energy plans which pre-dated the 9/11 attack, draft legislation prepared before the Iraqi invasion, and repeated initiatives by the US occupation authority aimed at “reforming” the Iraqi oil industry.

    This isn’t just about getting the history right or placing blame for policies gone wrong. Iraq isn’t history yet. What happens in Iraq over the next decade is going to have a big affect on the world, and a lot of it’s still going to be about oil.

    Here’s a link to a very good short but fact-filled history of Iraqi oil, its effect on our policy, and the effect of our policy on it, by Michael Schwartz, author of War Without End: The Iraq War in Context.




    More...

    Feed Source
    ___________
    http://GreatHistory.com
    "The Best Blogging in History"

  • #2


    This is abject moronic nonsense...
    The dream in those distant days was to strip OPEC -- the cartel consisting of the planet’s main petroleum exporters -- of the power to control the oil supply and its price on the world market. As a reward for vastly expanding Iraqi production and freeing its distribution from OPEC’s control, key figures in the Bush administration imagined that the U.S. could skim off a small proportion of that increased oil production to offset the projected $40 billion cost of the invasion and occupation of the country.
    Iraq's oil production has never exceeded 3 million barrels of oil per day (BOPD)...



    Iraq Oil Production

    Prior to OIF, Iraq's daily production was hovering around 500,000 BOPD. Even we had been able to rapidly get Iraq's oil production back up to 3 million BOPD and convinced the post-Saddam gov't to with draw from OPEC... It would not have broken OPEC's back.

    OPEC's daily production rate has ranged from 27 million to 36 million BOPD over the last 15 years...



    Prior to OIF, OPEC's spare capacity was about 5 million BOPD...



    OPEC Production Data

    The global economic expansion from 2003-2008 drew down OPEC's excess capacity to less than 2 million BOPD. That's the main reason that oil prices spiked in 2007-2008.

    Had the Evil Bush-Cheney-Halliburton Regime been able to quickly restore Iraq's production to its 1979 level, OPEC's back would not have been broken. Although it might have prevented oil from climbing above ~$80/bbl during the peak of the recent economic expansion.

    Furthermore, the US made no effort to prevent Iraq from negotiating oil production related contracts with foreign companies in the aftermath of Saddam's ousting. The only thing that was done in an exclusionary manner, was in the contracting of Halliburton to do the initial repairs on Iraq's petroleum infrastructure. Halliburton is one of only two companies in the world with the capacity to perform that sort of work on such a large scale quickly. The only other company that would have been capable was Schlumberger (a French corporation).

    Iraq does have the potential for large new discoveries and an influx of modern western technology might rejuvenate its older fields... But that will take decades and cost hundreds of billion of dollars. If the Evil Bush-Cheney-Halliburton Regime were so closely tied to the oil industry as the moronic author of this article says they were... They would have known this.
    Last edited by The Doctor; 08 Feb 10, 09:15.
    Watts Up With That? | The world's most viewed site on global warming and climate change.

    Comment


    • #3
      I feel that Bush's biggest crime was NOT publicly arranging some sort of oil payback for having us come in and do a dirty job for the Iraqis. At least then we would have gotten something for our efforts. I don't think it is unreasonable to ask for a percentage of their oil profits until the bill is paid. Plus the whole world thinks we did it for the oil anyway - and I don't think a taking a trillion dollar bath is worth proving them wrong.
      Our forefathers died to give us freedom, not free stuff.

      I write books about zombies as E.E. Isherwood. Check me out at ZombieBooks.net.

      Comment


      • #4
        Originally posted by Siberian HEAT View Post
        I feel that Bush's biggest crime was NOT publicly arranging some sort of oil payback for having us come in and do a dirty job for the Iraqis. At least then we would have gotten something for our efforts. I don't think it is unreasonable to ask for a percentage of their oil profits until the bill is paid. Plus the whole world thinks we did it for the oil anyway - and I don't think a taking a trillion dollar bath is worth proving them wrong.
        It ought to be a pretty darn good indication that all of the "blood for oil" conspiracy theories are

        Iraq's highest ever oil production rates never topped 10% of OPEC's current output. The only way OIF could have significantly affected oil prices would have been a rapid restoration of their production rates to pre-Iran Iraq War levels. That would have provided enough excess production capacity in 2006-2008 to possibly have averted the spike in oil prices.

        But... In 2002... No one in the Bush Administration knew that the global economy would take off like it did in 2003.

        The "blood for oil" conspiracy theories are almost as idiotic as the 9/11 conspiracy theories.
        Watts Up With That? | The world's most viewed site on global warming and climate change.

        Comment

        Latest Topics

        Collapse

        Working...
        X