Message 4/40
Date: 10-Feb-03 @ 07:14 PM -
RE: iraqi oil
Actually, Saddam has been going around the sanctions with the help of the international community. Very little, if none, actually goes to the things that it should go to.
It appears that the US has been decreasing it's dependance on Middle Eastern oil for years, and I've seen the 26% figure in a number of places. It seems that the Bush administration is pushing less and less dependance on Middle Eastern oil.
However, the major suppliers aren't expected to be able to keep up with demand, though. The problems seems to be that the Middle East still has the VAST majority of the major oil fields, as well as a vast majority of their oil left. Venezuela and Russia have been flooding the market with crude in the last few years but within the next few years, they will have pumped their wells dry, leaving us in a similar place that we are in now.
The Bush administration is well aware of this, and while they are doing their best to avoid Middle Eastern oil, it's in the US's best interest to have a stable Middle East. Believe it or not, it is in the worlds best interest to have a stable middle east. The oil crisis in the 70's is likely to happen again, as soon as suppliers like Russia and Venezuela pump up all their oil. The problem is, if OPEC tries to do something like that now, they'll absolutely destroy their economy (what little of it is left), and most countries will end up in revolution, and the radical muslims will take over. It's not a pretty picture.
So yes Jamey, you are right, but that viewpoint is particularly shortsighted. With the current demand for oil as energy, the world will soon use up the cheap crude coming from alternate sources, and be forced to rely, yet again, on Middle Eastern oil. Not sure how many of you own homes, but the prospect of spending every single last penny to heat my house in the winter time is not attractive. I pray that Bush and his successors are serious about finding an alternative energy source. If you think oil is messy now, wait until the Arabs control the world market again...