[lbo-talk] Iraq victory fails to oil world economy

Dwayne Monroe idoru345 at yahoo.com
Tue Aug 19 15:55:35 PDT 2003


Iraq victory fails to oil world economy

Heather Stewart and Charlotte Denny Tuesday August 19, 2003 The Guardian

If President Bush's real reason for rolling his tanks into Iraq was to turn on the taps of the world's second-largest oil reserves to lower the cost of energy, he must be sadly disappointed. Following this weekend's attacks by saboteurs on Iraq's main oil pipeline to Turkey, oil prices in London are nearly back to where they were as military commanders prepared the first strikes in March.

The three months since full-blown hostilities ended have been a hard lesson for markets which had hoped to see oil exports from Iraq climb swiftly towards the 2m barrels a day the US promised to deliver by the end of the year. Southern refineries have been plagued by power cuts, the north-south "strategic pipeline" had already been sabotaged, and the weekend's attacks brought exports from the north of the country to a complete standstill.

[...]

full at

http://www.guardian.co.uk/oil/story/0,11319,1021441,00.html

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