>I basically agree with your line of thinking Doug, but doesn't it
>become complicated? If things go their way, those Texas companies
>will soon own a lot more oil in Kirkuk and Ramaillah than in Midland
>and Odessa.
Do the majors own Texas fields, or independents?
> The Iraqi fields produce very low cost crude and may only be
>paying taxes to the Military govt and its successor. Won't this
>change these companies mind a bit - move them towards lower
>prices/higher quantity?
Why would they want lower prices? When do oligopolists ever want lower prices, except in the short term to drive competitors out of business? The higher the oil price the more money they make, unless it's high enough to cause a recession.
I've got to find some folks who understand this stuff.
Doug