Iraq War finally paying off!!!

[Catawba]

The tens of thousands of people killed and the trillions in taxpayer debt for our war against Iraq on behalf of big oil is finally starting to pay off...................

.........for the big oil companies that is. They had previously been locked out of Iraq for over 3 decades, dating back to when Iraq nationalized its oil.

Iraq oil output at highest level for a decade, says IEA


"Iraq has raised its oil output to the highest level for almost a decade, adding another 350,000 barrels per day in the space of six months to reach 2.68m b/d, according to the International Energy Agency.

For years, one of the main concerns surrounding world oil supply has been the state of Iraq’s hydrocarbon industry, damaged by decades of war and under-investment. But just as the loss of Libyan output has helped to push the price of a barrel of Brent crude above $125, Iraq has quietly boosted its own production by 15 per cent since last August.

The level Iraq has now reached – the highest since November 2001 – will probably prove sustainable, said David Fyfe, head of the IEA’s oil industry and markets division.

Iraq’s production capacity has climbed by 250,000 b/d since August, according to IEA monthly reports, reflecting the improved condition of its oilfields.

Hussain al-Shahristani, deputy Iraqi prime minister in charge of energy, has made ambitious plans to increase output, setting a target of 11m b/d by 2020. Experts believe this to be unrealistic: Iraq lacks the volume of water needed to pump this quantity of oil, while export facilities remain woefully inadequate.

Three bidding rounds have been held for the development of 11 Iraqi oilfields since 2008. Speaking in Paris, Mr Shahristani said that work had begun and was “in some cases, ahead of schedule”.

Last August, Iraqi output was 2.33m b/d and production capacity – the level the country could reach in 30 days and sustain for 90 – stood at 2.5m b/d, according to the IEA. In February, these figures had climbed to 2.68m b/d and 2.75m b/d respectively.

As for whether the production increase was sustainable, Mr Fyfe said: “We think it is, given a clear run in terms of security and given the companies who are investing there in joint venture projects being able to carry on with their work.”

BP, the British energy giant, has won the right to redevelop Rumaila, Iraq’s biggest oilfield, in partnership with CNPC of China. Royal Dutch Shell is renovating Majnoon field alongside Petronas of Malaysia.

While Baghdad’s official production targets are highly unlikely to be met, the IEA forecasts that Iraq will add another 1m b/d of output capacity by around 2015, bringing the total to about 3.7m b/d. If so, the country could then overtake its old rival, Iran, and become the second-biggest producer within Opec, the oil producers’ cartel, after Saudi Arabia.

Iraq has been outside Opec’s quota system for almost 21 years. If output rises strongly, Baghdad will eventually be asked to accept these constraints. Depending on the level of demand, however, other members may have to cut their own quotas to make room for Iraq, a highly-charged issue that would change the balance of power within the grouping.

Mr Fyfe added that Iraq’s extra oil would probably be needed to meet rising world demand. Opec’s current spare capacity of 4m b/d was “not a wide margin” for a market of 90m b/d. “So we need every bit of Iraqi capacity that they can install,” he said.

Iraq has 78 known oilfields, of which nine are classified as “super-giants”, holding more than 5bn barrels of recoverable crude each. The government’s highest priority was to get these fields “up and running” under the terms of existing contracts, said Mr Shahristani. There were no plans for any further bidding rounds.

The next stage will be an auction for exploration licences in 12 separate blocks, including “areas with a very high probability of oil and gas discoveries”.

The plan to increase production was backed by the “financial and technical muscles of the best companies in the industry”, said Mr Shahristani. “Even if the companies only get halfway to their 11m b/d target, this still represents an additional 5m or 6m b/d over the next decade and this, by itself, is a very significant contribution to the world oil demand,” he added."

The Engineering Economist: Iraq oil output at highest level for a decade, says IEA

 

[gekaap]

Nationalized their oil? Those commie bastards. We should leave them to rot under Saddam again. Oh, wait, we executed Saddam. Well, we should fund another takeover of their government by a dictatorial regime to punish them for their commie queer ways.

 

[Catawba]

Nationalized their oil? Those commie bastards. We should leave them to rot under Saddam again. Oh, wait, we executed Saddam. Well, we should fund another takeover of their government by a dictatorial regime to punish them for their commie queer ways.

That was pretty much the thoughts presented about Iraq's Natioalized oil in Cheney's Energy Task Force Report:

STRATEGIC ENERGY POLICY CHALLENGES FOR THE 21ST CENTURY

REPORT OF AN INDEPENDENT TASK FORCE - 2001 (before our invasion of Iraq)


"U.S. energy independence is not attainable."

"Persistently tight crude oil markets highlight the concentration of resources in the Middle East Gulf region and the vulnerability of the global economy to domestic conditions in the key producer countries. The Gulf nations have one major asset – their oil and gas reserves. They, like Russia, Mexico, Indonesia, Nigeria, Venezuela and some other oil producing nations, depend heavily on hydrocarbons to support their citizens. If the current regimes in the Gulf cannot deliver a better standard of living for rapidly increasing populations, social upheaval could result, and anti-Western elements could gain power. Similar concerns exist with respect to some other oil-producing countries outside the Gulf."

"Some of the real costs, such as the high-cost U.S. military presence in the Middle East, are already accepted and forgotten by the public."

RECOMMENDATIONS

"Iraq remains a destabilizing influence to U.S. allies in the Middle East, as well as
to regional and global order, and to the flow of oil to international markets from the Middle East. Saddam Hussein has also demonstrated a willingness to threaten to use the oil weapon and to use his own export program to manipulate oil markets. This would display his personal power, enhance his image as a “Pan-Arab” leader supporting the Palestinians against Israel, and pressure others for a lifting of economic sanctions against his regime.

The United States should conduct an immediate policy review towards Iraq, including military, energy, economic and political/diplomatic assessments."

Powered by Google Docs

 

[Catawba]

Further evidence ~

"Oil’s Biggest Prize and Biggest Challenge: Iraq

Iraq is a safe destination for foreign investment and holds the potential to become the greatest power in oil production, according to two experts on the industry.

However, they also noted that production expectations may be too high in the short term and that plenty of risks remain.
Iraq Oil Panel

The Credit Suisse Asian Investment Conference heard Iraq is the sleeping giant of global oil, but its awakening could fundamentally change the dynamics of the oil industry and have a profound impact on the world economy for years. But attendees were also reminded that the spectacular growth path predicted by some could be thwarted by obstacles including politics and a lack of infrastructure.

“Iraq has the potential to have a very dramatic impact on world oil markets on the supply side,” said Robin Mills, Petroleum Economics Manager at the Emirates National Oil Company. “It has the potential, but will it be realized?”

The Middle Eastern state produces around 2 million barrels of oil per day at the moment, but has the potential to achieve the biggest production build-up in history and close in on Saudi Arabian production levels within the next 10 years.

Saudi Arabia, the world’s biggest oil producer, had an Organization of Petroleum Exporting Countries (OPEC) quota of 10 million barrels a day before the financial crisis. But the panel’s moderator, Prashant Gokhale, Credit Suisse’s Head of Oil and Gas Research, reminded investors that the consensus view was that Iraq would reach 3.8 million barrels per day by 2015.
Iraq Oil Panel

Iraq’s oil resources are formidable. According to BP’s Statistical Review in 2008, it has reserves of 132 billion barrels, as well as 112 trillion cubic feet of gas reserves. But Mr. Mills said he thought there was “potential for this to be substantially upgraded” as there were 200 billion barrels of known finds with as much as 400 billion possible. Iraq has 85 known fields, he said, but only 25 had ever produced oil.

Luay Jawad Al Khatteeb, Executive Director and Founder of the Iraq Energy Institute, said his presence at the AIC was evidence of Iraq’s security. “It is a safe place,” he said. “I am alive and kicking.” He expressed confidence that an output of 6 million barrels per day was realistic, but warned investors that “the production vision is very much driven by politics and emotions”.

Mr. Jawad made clear the scale of the challenge that faces Iraq as it tries to build up its oil production capabilities to match its resources. “What Iraq is trying to do in seven years is what the Saudis achieved in 70 years,” he said, adding that it was too soon to talk about Iraq’s OPEC quota when it was still trying to arrest production decline at the moment.

Iraq’s Oil Minister, Hussein al-Shahristani, has said he does not expect Iraq’s production to be bound by an OPEC quota until output exceeds 4 million barrels a day.

Iraq has so far awarded contracts to develop 12 oil fields with international exploration and production companies heavily involved. Exporting oil from Iraq remains challenging, however, because of a combination of closed borders, poor security, poor infrastructure and the country’s relatively small Arabian Gulf coastline."
https://www.credit-suisse.com/conferences/aic/2010/en/reporter/day5/day5_1.jsp

 

[Radical Ron]

I hope that we are able to see the fruits of our blood in a positive way, and I hope we leave a small presense behind.

That said I think that we should really consider starting a tremendous downswing in soldiers being stationed in Iraq. I think that now we should look at our own bottom line and try to do what's best for our nation's economic backbone and give it a break.

We still have missions and activites going on in that region and we should be trying to incorporate those troops into the war in Afghanistan and into our campaign against Libya.

 

[ElCid]

Iraq will never pay for itself, because we're not mean enough to take its oil.

 

[Lord Tammerlain]

Iraq was not about taking Iraq's oil, or having US companies take over Iraq's oil or making money on Iraq's oil

The invasion of Iraq was about geopolitical control in the region with the second most strategic resource in the world (water being number one).

Control over the production and transportation of oil provides the strongest lever on any country that imports a significant amount of oil any country can have on another one. To be able to restrict the oil imports of another country means you can destroy that countries economy within a year or so without firing a shot.

 

[Catawba]

Iraq was not about taking Iraq's oil, or having US companies take over Iraq's oil or making money on Iraq's oil

The invasion of Iraq was about geopolitical control in the region with the second most strategic resource in the world (water being number one).

Control over the production and transportation of oil provides the strongest lever on any country that imports a significant amount of oil any country can have on another one. To be able to restrict the oil imports of another country means you can destroy that countries economy within a year or so without firing a shot.

Exactly! I don't know whether some people are being purposefully obtuse about this, or they truely don't have the capacity to reason this out.

 

[Fiddytree]

And thank goodness for that.

 

[Catawba]

And thank goodness for that.

Care to elaborate?

 

[ecofarm]

To be able to restrict the oil imports of another country means you can destroy that countries economy within a year or so without firing a shot.

~5% of our imported oil is capable of destroying our economy in a year? Even making the ridiculous assumption that we could not increase imports from elsewhere, I think we could live without it - indefinately.

Europe might be that reliant on gas from Russia et al, but Iraq was in no such position with the US.

 

[Lord Tammerlain]

~5% of our imported oil is capable of destroying our economy in a year? Even making the ridiculous assumption that we could not increase imports from elsewhere, I think we could live without it - indefinately.

Europe might be that reliant on gas from Russia et al, but Iraq was in no such position with the US.

This is exactly what I was talking about people failing to understand the geopolitical aspect of the Iraq invasion

The US did not invade because Iraq had control over US supplies, the US invaded to further its geopolitical control over the ME oil supplies. So the US could control the oil supplies to Europe, to China to India.

 

[ecofarm]

We control Iraq's oil?

CT should stay in its section.

 

[Catawba]

We control Iraq's oil?

CT should stay in its section.

2 questions:

Before our invasion and regime change, was big oil locked out of investment and exploitation of Iraq oil due to the Nationalization of their oil decades before?

And are they locked out now?

 

[WI Crippler]

So when are the gas prices coming down?

 

[solletica]

The tens of thousands of people killed and the trillions in taxpayer debt for our war against Iraq on behalf of big oil is finally starting to pay off...................

.........for the big oil companies that is. They had previously been locked out of Iraq for over 3 decades, dating back to when Iraq nationalized its oil.

Iraq oil output at highest level for a decade, says IEA


"Iraq has raised its oil output to the highest level for almost a decade, adding another 350,000 barrels per day in the space of six months to reach 2.68m b/d, according to the International Energy Agency.

For years, one of the main concerns surrounding world oil supply has been the state of Iraq’s hydrocarbon industry, damaged by decades of war and under-investment. But just as the loss of Libyan output has helped to push the price of a barrel of Brent crude above $125, Iraq has quietly boosted its own production by 15 per cent since last August.

The level Iraq has now reached – the highest since November 2001 – will probably prove sustainable, said David Fyfe, head of the IEA’s oil industry and markets division.

Iraq’s production capacity has climbed by 250,000 b/d since August, according to IEA monthly reports, reflecting the improved condition of its oilfields.

Hussain al-Shahristani, deputy Iraqi prime minister in charge of energy, has made ambitious plans to increase output, setting a target of 11m b/d by 2020. Experts believe this to be unrealistic: Iraq lacks the volume of water needed to pump this quantity of oil, while export facilities remain woefully inadequate.

Three bidding rounds have been held for the development of 11 Iraqi oilfields since 2008. Speaking in Paris, Mr Shahristani said that work had begun and was “in some cases, ahead of schedule”.

Last August, Iraqi output was 2.33m b/d and production capacity – the level the country could reach in 30 days and sustain for 90 – stood at 2.5m b/d, according to the IEA. In February, these figures had climbed to 2.68m b/d and 2.75m b/d respectively.

As for whether the production increase was sustainable, Mr Fyfe said: “We think it is, given a clear run in terms of security and given the companies who are investing there in joint venture projects being able to carry on with their work.”

BP, the British energy giant, has won the right to redevelop Rumaila, Iraq’s biggest oilfield, in partnership with CNPC of China. Royal Dutch Shell is renovating Majnoon field alongside Petronas of Malaysia.

While Baghdad’s official production targets are highly unlikely to be met, the IEA forecasts that Iraq will add another 1m b/d of output capacity by around 2015, bringing the total to about 3.7m b/d. If so, the country could then overtake its old rival, Iran, and become the second-biggest producer within Opec, the oil producers’ cartel, after Saudi Arabia.

Iraq has been outside Opec’s quota system for almost 21 years. If output rises strongly, Baghdad will eventually be asked to accept these constraints. Depending on the level of demand, however, other members may have to cut their own quotas to make room for Iraq, a highly-charged issue that would change the balance of power within the grouping.

Mr Fyfe added that Iraq’s extra oil would probably be needed to meet rising world demand. Opec’s current spare capacity of 4m b/d was “not a wide margin” for a market of 90m b/d. “So we need every bit of Iraqi capacity that they can install,” he said.

Iraq has 78 known oilfields, of which nine are classified as “super-giants”, holding more than 5bn barrels of recoverable crude each. The government’s highest priority was to get these fields “up and running” under the terms of existing contracts, said Mr Shahristani. There were no plans for any further bidding rounds.

The next stage will be an auction for exploration licences in 12 separate blocks, including “areas with a very high probability of oil and gas discoveries”.

The plan to increase production was backed by the “financial and technical muscles of the best companies in the industry”, said Mr Shahristani. “Even if the companies only get halfway to their 11m b/d target, this still represents an additional 5m or 6m b/d over the next decade and this, by itself, is a very significant contribution to the world oil demand,” he added."

The Engineering Economist: Iraq oil output at highest level for a decade, says IEA

Economics 101: the price of a good produced by a monopoly or oligopoly does not change with the number of suppliers within it.

Iraq, FYI, is a member of OPEC, an oligopoly (cartel).

 

[Lord Tammerlain]

We control Iraq's oil?
sia
CT should stay in its section.

Does the US not have a significant military presence within Iraq currently with the goal of maintaining a sizable one for the future?

Does not such a force allow for the US to take action on too who Iraq's oil may be shipped to should the US feel the need to take such action is required.

For example

Say the US and China became engaged in a low level conflict, if the US was able to restrict China's access to oil supplies by stopping ME supplies going to China, would it not effect China's ability to engage in said conflict

Imagine what would happen to the US if its oil imports were restricted to those of just Canada and Mexico because the EU restricted the exports from the ME and Africa to the US. The US economy would crash, its ability to fight militarily would drop.

Iraq is not about the oil, it is about controlling access to oil, when controlling that access is important. It is not about cheap oil for the US consumer, it is not about ensuring profits for the US oil companies. It is about being able to restrict or ensure access during periods of international conflict.

 

[ElCid]

Right, but our taking of Iraq's oil is the only way the misadventure could ever pay for itself in treasure.

 

[Catawba]

So when are the gas prices coming down?

See here:

The tens of thousands of people killed and the trillions in taxpayer debt for our war against Iraq on behalf of big oil is finally starting to pay off...................

.........for the big oil companies that is. They had previously been locked out of Iraq for over 3 decades, dating back to when Iraq nationalized its oil.

Iraq oil output at highest level for a decade, says IEA


"Iraq has raised its oil output to the highest level for almost a decade, adding another 350,000 barrels per day in the space of six months to reach 2.68m b/d, according to the International Energy Agency.

For years, one of the main concerns surrounding world oil supply has been the state of Iraq’s hydrocarbon industry, damaged by decades of war and under-investment. But just as the loss of Libyan output has helped to push the price of a barrel of Brent crude above $125, Iraq has quietly boosted its own production by 15 per cent since last August.

The level Iraq has now reached – the highest since November 2001 – will probably prove sustainable, said David Fyfe, head of the IEA’s oil industry and markets division.

Iraq’s production capacity has climbed by 250,000 b/d since August, according to IEA monthly reports, reflecting the improved condition of its oilfields.

Hussain al-Shahristani, deputy Iraqi prime minister in charge of energy, has made ambitious plans to increase output, setting a target of 11m b/d by 2020. Experts believe this to be unrealistic: Iraq lacks the volume of water needed to pump this quantity of oil, while export facilities remain woefully inadequate.

Three bidding rounds have been held for the development of 11 Iraqi oilfields since 2008. Speaking in Paris, Mr Shahristani said that work had begun and was “in some cases, ahead of schedule”.

Last August, Iraqi output was 2.33m b/d and production capacity – the level the country could reach in 30 days and sustain for 90 – stood at 2.5m b/d, according to the IEA. In February, these figures had climbed to 2.68m b/d and 2.75m b/d respectively.

As for whether the production increase was sustainable, Mr Fyfe said: “We think it is, given a clear run in terms of security and given the companies who are investing there in joint venture projects being able to carry on with their work.”

BP, the British energy giant, has won the right to redevelop Rumaila, Iraq’s biggest oilfield, in partnership with CNPC of China. Royal Dutch Shell is renovating Majnoon field alongside Petronas of Malaysia.

While Baghdad’s official production targets are highly unlikely to be met, the IEA forecasts that Iraq will add another 1m b/d of output capacity by around 2015, bringing the total to about 3.7m b/d. If so, the country could then overtake its old rival, Iran, and become the second-biggest producer within Opec, the oil producers’ cartel, after Saudi Arabia.

Iraq has been outside Opec’s quota system for almost 21 years. If output rises strongly, Baghdad will eventually be asked to accept these constraints. Depending on the level of demand, however, other members may have to cut their own quotas to make room for Iraq, a highly-charged issue that would change the balance of power within the grouping.

Mr Fyfe added that Iraq’s extra oil would probably be needed to meet rising world demand. Opec’s current spare capacity of 4m b/d was “not a wide margin” for a market of 90m b/d. “So we need every bit of Iraqi capacity that they can install,” he said.

Iraq has 78 known oilfields, of which nine are classified as “super-giants”, holding more than 5bn barrels of recoverable crude each. The government’s highest priority was to get these fields “up and running” under the terms of existing contracts, said Mr Shahristani. There were no plans for any further bidding rounds.

The next stage will be an auction for exploration licences in 12 separate blocks, including “areas with a very high probability of oil and gas discoveries”.

The plan to increase production was backed by the “financial and technical muscles of the best companies in the industry”, said Mr Shahristani. “Even if the companies only get halfway to their 11m b/d target, this still represents an additional 5m or 6m b/d over the next decade and this, by itself, is a very significant contribution to the world oil demand,” he added."

The Engineering Economist: Iraq oil output at highest level for a decade, says IEA

And here:

That was pretty much the thoughts presented about Iraq's Natioalized oil in Cheney's Energy Task Force Report:

STRATEGIC ENERGY POLICY CHALLENGES FOR THE 21ST CENTURY

REPORT OF AN INDEPENDENT TASK FORCE - 2001 (before our invasion of Iraq)


"U.S. energy independence is not attainable."

"Persistently tight crude oil markets highlight the concentration of resources in the Middle East Gulf region and the vulnerability of the global economy to domestic conditions in the key producer countries. The Gulf nations have one major asset – their oil and gas reserves. They, like Russia, Mexico, Indonesia, Nigeria, Venezuela and some other oil producing nations, depend heavily on hydrocarbons to support their citizens. If the current regimes in the Gulf cannot deliver a better standard of living for rapidly increasing populations, social upheaval could result, and anti-Western elements could gain power. Similar concerns exist with respect to some other oil-producing countries outside the Gulf."

"Some of the real costs, such as the high-cost U.S. military presence in the Middle East, are already accepted and forgotten by the public."

RECOMMENDATIONS

"Iraq remains a destabilizing influence to U.S. allies in the Middle East, as well as
to regional and global order, and to the flow of oil to international markets from the Middle East. Saddam Hussein has also demonstrated a willingness to threaten to use the oil weapon and to use his own export program to manipulate oil markets. This would display his personal power, enhance his image as a “Pan-Arab” leader supporting the Palestinians against Israel, and pressure others for a lifting of economic sanctions against his regime.

The United States should conduct an immediate policy review towards Iraq, including military, energy, economic and political/diplomatic assessments."

Powered by Google Docs

And here:

Further evidence ~

"Oil’s Biggest Prize and Biggest Challenge: Iraq

Iraq is a safe destination for foreign investment and holds the potential to become the greatest power in oil production, according to two experts on the industry.

However, they also noted that production expectations may be too high in the short term and that plenty of risks remain.
Iraq Oil Panel

The Credit Suisse Asian Investment Conference heard Iraq is the sleeping giant of global oil, but its awakening could fundamentally change the dynamics of the oil industry and have a profound impact on the world economy for years. But attendees were also reminded that the spectacular growth path predicted by some could be thwarted by obstacles including politics and a lack of infrastructure.

“Iraq has the potential to have a very dramatic impact on world oil markets on the supply side,” said Robin Mills, Petroleum Economics Manager at the Emirates National Oil Company. “It has the potential, but will it be realized?”

The Middle Eastern state produces around 2 million barrels of oil per day at the moment, but has the potential to achieve the biggest production build-up in history and close in on Saudi Arabian production levels within the next 10 years.

Saudi Arabia, the world’s biggest oil producer, had an Organization of Petroleum Exporting Countries (OPEC) quota of 10 million barrels a day before the financial crisis. But the panel’s moderator, Prashant Gokhale, Credit Suisse’s Head of Oil and Gas Research, reminded investors that the consensus view was that Iraq would reach 3.8 million barrels per day by 2015.
Iraq Oil Panel

Iraq’s oil resources are formidable. According to BP’s Statistical Review in 2008, it has reserves of 132 billion barrels, as well as 112 trillion cubic feet of gas reserves. But Mr. Mills said he thought there was “potential for this to be substantially upgraded” as there were 200 billion barrels of known finds with as much as 400 billion possible. Iraq has 85 known fields, he said, but only 25 had ever produced oil.

Luay Jawad Al Khatteeb, Executive Director and Founder of the Iraq Energy Institute, said his presence at the AIC was evidence of Iraq’s security. “It is a safe place,” he said. “I am alive and kicking.” He expressed confidence that an output of 6 million barrels per day was realistic, but warned investors that “the production vision is very much driven by politics and emotions”.

Mr. Jawad made clear the scale of the challenge that faces Iraq as it tries to build up its oil production capabilities to match its resources. “What Iraq is trying to do in seven years is what the Saudis achieved in 70 years,” he said, adding that it was too soon to talk about Iraq’s OPEC quota when it was still trying to arrest production decline at the moment.

Iraq’s Oil Minister, Hussein al-Shahristani, has said he does not expect Iraq’s production to be bound by an OPEC quota until output exceeds 4 million barrels a day.

Iraq has so far awarded contracts to develop 12 oil fields with international exploration and production companies heavily involved. Exporting oil from Iraq remains challenging, however, because of a combination of closed borders, poor security, poor infrastructure and the country’s relatively small Arabian Gulf coastline."
https://www.credit-suisse.com/conferences/aic/2010/en/reporter/day5/day5_1.jsp

And here:

Iraq was not about taking Iraq's oil, or having US companies take over Iraq's oil or making money on Iraq's oil

The invasion of Iraq was about geopolitical control in the region with the second most strategic resource in the world (water being number one).

Control over the production and transportation of oil provides the strongest lever on any country that imports a significant amount of oil any country can have on another one. To be able to restrict the oil imports of another country means you can destroy that countries economy within a year or so without firing a shot.

Does that help you understand?

 

[Catawba]

Right, but our taking of Iraq's oil is the only way the misadventure could ever pay for itself in treasure.

This misadventure has been what substitutes for our lack of energy planning for the last half century. Caught up in our rush to make a quick buck, we forgot that we were dependent on other peoples energy supplies, now others have to die so we can continue to live in the manner in which we have become accustomed.

 

[Removable Mind]

I'm perplexed over someone believing there is a payoff when it involves war. Going to war is like a union and it's members trying to coerce a company into boosting pay rates, benefits or both. Employees march with signs that is a metaphorical rant that will somehow intimidate the company and even gain sympathy by the public.

Meanwhile, weeks and months later after fierce negotiations, a settlement is arrived at. All of the lost wages and associated benefits put on moratorium have been voraciously devoured by "the strike", or if you will, "the cause".

By applying simple math, it doesn't take long to realize that all of the lost wages/benefits sacrifice under the name of principles and to right the injustices, inequities, and the lack of fairness - it is "impossible" to recover the substantial monies lost while on strike, much less rise to just breaking even during the remaining time of employment. In other words, nobody wins in the end.

 

[Catawba]

I'm perplexed over someone believing there is a payoff when it involves war. Going to war is like a union and it's members trying to coerce a company into boosting pay rates, benefits or both. Employees march with signs that is a metaphorical rant that will somehow intimidate the company and even gain sympathy by the public.

Meanwhile, weeks and months later after fierce negotiations, a settlement is arrived at. All of the lost wages and associated benefits put on moratorium have been voraciously devoured by "the strike", or if you will, "the cause".

By applying simple math, it doesn't take long to realize that all of the lost wages/benefits sacrifice under the name of principles and to right the injustices, inequities, and the lack of fairness - it is "impossible" to recover the substantial monies lost while on strike, much less rise to just breaking even during the remaining time of employment. In other words, nobody wins in the end.

But in the meantime, the oil companies make more money than ever before in history! Isn't that worth our sacrificing thousands of lives and adding trillions of dollars to our debt?

:sun

 

[Removable Mind]

But in the meantime, the oil companies make more money than ever before in history! Isn't that worth our sacrificing thousands of lives and adding trillions of dollars to our debt?

:sun

Which is directly attributed to the U.S. going to war in two countries. Not just any two countries, but one being a major global oil supplier.

You lay all the blame on the oil companies for exploiting citizens around the world, when in fact they don't govern oil prices. Commodity speculators from around the world are the cause of spot prices rising and falling. The oil companies argue that their profits support millions of American's pension funds and that they are accountable to their share holders. Our nations unfunded pension plans threaten mega-million's near future retirements. So, it may be possible that the oil companies, for many, may be the saviors of their retirement plans.

The point of my post was war is the impetus behind tragic waste of lives, resources, and treasure, and none which can ever be recovered nor guarantee that the future will be better for having gone to war.

 

[Catawba]

Which is directly attributed to the U.S. going to war in two countries. Not just any two countries, but one being a major global oil supplier.

You lay all the blame on the oil companies for exploiting citizens around the world, when in fact they don't govern oil prices. Commodity speculators from around the world are the cause of spot prices rising and falling. The oil companies argue that their profits support millions of American's pension funds and that they are accountable to their share holders. Our nations unfunded pension plans threaten mega-million's near future retirements. So, it may be possible that the oil companies, for many, may be the saviors of their retirement plans.

The point of my post was war is the impetus behind tragic waste of lives, resources, and treasure, and none which can ever be recovered nor guarantee that the future will be better for having gone to war.

I appreciate the sentiment. I feel the same about war in general. The diffence being that the Iraq was not about the physical threat of violence from another country but rather our sorry substitute for an energy program in this country for the last half century.

Yes, speculators drive spot price increases, I think it is deplorable that we allowed the GOP to push through their deregulation in the 90's. They definitely make the gas price problem worse. However, our approach to world peak oil is what has been driving the price trend upwards over the last century, not speculators.

 

[Gill]

2 questions:

Before our invasion and regime change, was big oil locked out of investment and exploitation of Iraq oil due to the Nationalization of their oil decades before?

And are they locked out now?

Evidently U.S. oil companies are locked out now. I see a British company, a Chinese company, and a Dutch company listed as beneficiaries of Iraq's oil, but no American oil companies.