Saturday, January 07, 2006

Iraqi Oil - the $250bn gift to Saudi Arabia and Russia: With a series of interesting charts on oil production, export, prices etc Jerome a Paris summarises the disastrous failure of the US invasion.

"So, to sum up the US actions in Iraq re oil:

* Iraqi oil is cut in half, and taken off the market;
* prices shoot up
* oil exporters like Russia and Saudi Arabia get rich
* they buy European stuff
* they buy US debt and assets
* the US then uses the money loaned by oil producers to buy Chinese goods (which fuels Chinese oil demand)."

Jerome also comments: "It is now certain that no meaningful investment in the oil sector will take place for so long as the American forces are in the country."

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