Posted on 06/19/2008 11:23:46 AM PDT by mnehrling
Many in the wacko wing of the anti-war movement - which includes a few Congress critters - have claimed that the Iraq war was all about Bush’s oil buddies.
Well, I’m glad to at least see that part is working out:
Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power.
American involvement in rebuilding Iraq’s oil inustry is good news for both countries - the U.S. companies now have a replacement for lost markets in other locales, and Iraq hopes to utilize the westerners’ skills and technologies to boost daily production by half a million barrels.
Consequently, the arrangement could mean some relief from high fuel costs.
For the American government, increasing output in Iraq, as elsewhere, serves the foreign policy goal of increasing oil production globally to alleviate the exceptionally tight supply that is a cause of soaring prices.
News like this - combined with today’s reports of a stronger dollar and China’s move to raise fuel costs (thus presumably dampening demand) - is just the ticket to drive down the speculation-driven price of oil. That’s without even considering new domestic drilling and increased use of other energy sources, such as nuclear power.
And there are larger implications than just helping Iraq stabilize current production.
“The bigger prize everybody is waiting for is development of the giant new fields,” Leila Benali, an authority on Middle East oil at Cambridge Energy Research Associates, said in a telephone interview from the firm’s Paris office. The current contracts, she said, are a “foothold” in Iraq for companies striving for these longer-term deals.
One middle eastern oil analyst believes that fixing existing problems in Iraqi production could raise output to four million barrels a day within a few years, and new production could subsequently raise the total to six million - an amount significant enough to “supress” prices.
But good skeptics will latch on to other details - such as the fact that companies from Russia, China and India were passed over in favor of US/European firms - as proof that Bush’s ultimate plan is finally coming to fruition.
Expect a new impeachment proposal from Dennis Kucinich any minute.
Meanwhile, all together:
“No war for oil.”
“No war for oil.”
There. Don’t you feel better now?
ADDENDUM - More good energy news, at least for the short-term. The Saudis are increasing production by 200,000 barrels per day.
ADDENDUM 2 - Note that the Iraqis are bringing in private oil companies to increase efficiency and production over current government-run efforts. This is at the same time some flaky members of Congress are suggesting we nationalize those same oil companies. Hmm. Which is the backward thinking here?
How much you wanna bet the countries that blasted us for the war will be whining that they don’t get dibs on the Iraq oil?
Little Red Hen said “Who will help me plant this wheat?”
“Not I” said France...
As much blood and treasure that we have spent in Iraq, shouldn’t they being giving us some of their oil, or at least selling it to us at vastly reduced prices?
From the article above:
“...lost their oil concession to nationalization as Saddam Hussein rose to power...”
From Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee and one of the most-ardent opponents of off-shore drilling:
“We (the government) should own the refineries. Then we can control how much gets out into the market.”
Looks like Saddam and Hinchey have something in common.
Saw on CNBC earlier that Total (french) may be getting some of the Iraqi oilfield business.
If McCain and the Republicans would make the "do nothing, good for nothing" Democrat controlled Congress the focus of their campaigns, I would be happy for gasoline to hit $5 a gallon before November.
Gasoline was selling for $2 a gallon when the democrats seized control. It has doubled in 2 years. What are they doing about it? Nothing. Time for more Congressional investigations about Bush firing a few U.S. Attorneys.
The only surprising thing about this is that a democrat said it out loud. They have been trying to nationalize the health care industry for years. After they nationalize health and energy, they will turn to nationalizing agriculture and housing.
The first step in any communist or fascist regime is to nationalize the means of production.
They have to remove firearms from the ignorant masses first.
Its probably worth reminding people that on the eve of the first Gulf War, Bechtel had been awarded a multi-billion dollar contract to build a huge petrochemical complex in Iraq, and they were recruiting like crazy.
So, if what we wanted was entry into Saddam’s oil business, we already had it. All we had to do was do nothing. He was offering it on a silver platter.
I miss President Bush already.
Must be one of the reasons this Democrat Congress has the lowest approval rating in history. 11 percent and falling.
Just two years ago, remember the election in 2006? Two years ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon; and,
3) The unemployment rate was 4.5%.
However, since voting in a Democratic Congress in 2006 we have seen:
1) Consumer confidence plummet to historically low levels;
2) The cost of regular gasoline soar to over $4.00 a gallon;
3) Unemployment is up to 5.5% (a 20% increase);
4) American households have seen $2.3 trillion in equity value evaporate (mainly stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars; and,
6) 1% of American homes are in foreclosure.
America voted for change in 2006, and we sure got it!
Remember, it’s Congress that makes law — not the President. He has to work with what’s handed to him, and Pelosi, Reid, and their cronies have stripped America’s cupboard bare.
http://camp2008victorya.blogspot.com/2008/06/congressional-dems-human-wrecking-balls.html
Bump to what you posted.
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