Charges Iraq Invasion Was to Keep Lid on Oil Production

[kpete]

May 31, 2007 at 08:11:39

Charges Iraq Invasion Was to Keep Lid on Oil Production

by Sherwood Ross

http://www.opednews.com

Iraq was invaded in order to limit its oil production and thus keep world oil prices artificially high, a noted investigative journalist reports.


"Iraq's output in 2003, 2004, and 2005 was less than produced under the restrictive oil-for-food program," writes Greg Palast in his new book Armed Madhouse (Plume). Oil-for-food allowed Iraq to sell 2 million barrels per day during the 1995 to 2003 period.

"Whether by design or happenstance, this decline in Iraqi output has resulted in tripling the profits of the five US oil majors to $89 billion for a single year, 2005, compared to pre-invasion 2002," Palast writes.

"When OPEC raises the price of crude, Big Oil makes out big time," says Palast, who has contributed to BBC Television and the Guardian newspapers.

more at:
http://www.opednews.com/articles/genera_sherwood_070531_charges_iraq_invasio.htm

[wakeme2008]

1. Good post on is the unmetered Iraq Oil going to Saudi

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=773542

[FogerRox]

2. Except that the decline in Iraqi production, overall doesnt amount to much

IMHO its more the saber rattling and such that has contributed to the price increases, and of course certain trading manipulations. AS far as the IPSA pipeline the Saudias have apparently converted it to natural gas, to feed the city of Yanbu on the Red Sea.



http://www.dailykos.com/story/2007/4/28/17138/6463