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Sunday, May 25, 2008 

Bush's War In Iraq Responsible For HIGH Oil Prices

"The invasion of Iraq by Britain and the US has trebled the price of oil, according to a leading expert, costing the world a staggering $6 trillion in higher energy prices alone.

The oil economist Dr Mamdouh Salameh, who advises both the World Bank and the UN Industrial Development Organisation (Unido), told The Independent on Sunday that the price of oil would now be no more than $40 a barrel, less than a third of the record $135 a barrel reached last week, if it had not been for the Iraq war."

The Independent

Considering that Bush was in the oil industry before moving into political office in Texas and Washington, you have to wonder if the overall goal of attacking Iraq (which had nothing to do with the 9/11 attack) was to force up the price of oil and hence, profits for his industry.

Most likely the incompetence of Bush's war has resulted in the rising of oil prices. But I don't think that was the intent. It was more likely what they laid out in the PNAC.

The oil industry is certainly suspect, and I think it has to do with controlling the supply of refined oil. They seem to have wrestled the control of the supply side from OPEC by reducing the number and controlling the out put of the refineries.

All the while complaining that they loose money on the refinery side of their business.

Don't know enough about economics and need to wait until The Agonist or Ian Welsh figure it out.

JAWL

"Considering that Bush was in the oil industry before moving into political office in Texas and Washington, you have to wonder if the overall goal of attacking Iraq (which had nothing to do with the 9/11 attack) was to force up the price of oil and hence, profits for his industry."

Georgie spent a little time trying to get an oil company off the ground. He failed and sold out to become GM of the Texas Rangers baseball team in Arlington. He put all his money into that organization and convinced Arlington to build a brand new stadium for his team. He left with 14 million bucks from around six million invested. Georgie`s involvement with oil is a trickle compared to the influence OPEC has over the oil supplies.

Refineries? Big oil couldn`t even file an environmental impact report without screaming environmentalists blocking them in court here in the USA. Bush is leaving office soon. Ya think OPEC`s gonna quit anytime soon?SNICKER....

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