Subject:
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"US buys up Iraqi oil to stave off crisis" [was Re: What about the first?]
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Wed, 19 Feb 2003 10:34:52 GMT
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Viewed:
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1738 times
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>
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> Wrong in the sense that I never said that U.S. companies do not benefit from
> Middle Eastern oil in any way. Dave is saying we want their oil because we
> are sucking up so much Middle Eastern oil (and specifically Iraqi oil) with
> our SUVs. My point is that we don't really depend on middle eastern oil,
> and certainly not Iraqi oil (directly, I understand that the oil market is
> interconnected and not wholly divorcable). There is a great deal of finger
> pointing in Europe at America for wanting the oil, but no acknowledgement of
> the real situation: those doing the biggest pointing are the ones currently
> getting the oil. Who's position is more suspect?
>
>
Really? Read this:
US buys up Iraqi oil to stave off crisis
http://www.observer.co.uk/iraq/story/0,12239,882517,00.html
==+==
Facing its most chronic shortage in oil stocks for 27 years, the US has
this month turned to an unlikely source of help - Iraq.
Weeks before a prospective invasion of Iraq, the oil-rich state has
doubled its exports of oil to America, helping US refineries cope with a
debilitating strike in Venezuela.
After the loss of 1.5 million barrels per day of Venezuelan production
in December the oil price rocketed, and the scarcity of reserves
threatened to do permanent damage to the US oil refinery and transport
infrastructure. To keep the pipelines flowing, President Bush stopped
adding to the 700m barrel strategic reserve.
But ultimately oil giants such as Chevron, Exxon, BP and Shell saved the
day by doubling imports from Iraq from 0.5m barrels in November to over
1m barrels per day to solve the problem. Essentially, US importers
diverted 0.5m barrels of Iraqi oil per day heading for Europe and Asia
to save the American oil infrastructure.
[later]
Grant Aldonas, Under Secretary at the US Department of Commerce, said
war 'would open up this spigot on Iraqi oil which certainly would have a
profound effect in terms of the performance of the world economy for
those countries that are manufacturers and oil consumers'.
==+==
Scott A
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Message is in Reply To:
 | | Re: What about the first?
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| (...) Wrong in the sense that I never said that U.S. companies do not benefit from Middle Eastern oil in any way. Dave is saying we want their oil because we are sucking up so much Middle Eastern oil (and specifically Iraqi oil) with our SUVs. My (...) (22 years ago, 19-Feb-03, to lugnet.off-topic.debate)
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