It’s hard to believe it has been seven years since the US invaded Iraq. I have long thought the reason was to gain US access to Iraqi oil. In fact, having read as much as I’ve read about the oil industry, I believe anyone who says otherwise is either uninformed about the oil industry or lying to protect their interests.
After seven years, Iraq is finally getting its shit together, and it looks like they’ll be pumping some serious oil into the system within the next year or two. As much as I hate to say anything that makes the Bush/Cheney duo look good, their foresight in grabbing these reserves from Saddam Hussein for the benefit of the US is starting to look really good.
There is a very long and interesting article here about the upcoming oil boom in Iraq. The Iraqi government has auctioned off production to western oil companies. Total production should increase from 2 million barrels/day to 12 million (by 2016), a 6 fold increase! World oil production has been stuck at 84 million barrels/day for the past 5 years, to a 10 million barrel/day increase accounts for over a 10% increase to world supplies. And if that wasn’t enough, the US and the UK will have first dibs on all of it!
This should help the US economy a lot. There are a lot of problems, but if gas prices were $1.50-$2.00/gallon again, it would be extremely helpful. Perhaps Bush is right to say that history will judge him more kindly than current opinion polls.
p.s. Maybe this new production will allow environmentalists to get their way on offshore drilling, for the time being.