Thursday, March 17, 2005

At a loss for words

http://www.moderateindependent.com/v3i6ashton.htm

I just checked the NYMEX light sweet crude spot price from two years ago. On March 21, 2003, the price had dropped to $27.10 per barrel as U.S. and British forces "secured" oil wells in the southern part of the country.

This is one of the least reported aspects of the glorious conquest of Iraq. Before the invasion, Iraq was supplying (even under sanctions) more than three million barrels a day to world markets. Before sanctions were imposed in 1990, it used to pump up to five million a day even during an 8-year-long war with Iran.

Had the conquest actually been a success, crude prices would now be no more than $35 per barrel instead of $57.

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