>Hasn't the petroleum industry been very very careful not to let
>prices stay too high on a sustained basis or substitutes and
>conservation will develop?
Yup, which is one of the ingredients in the equation I was imagining that generated an ideal political and economic price for oil.
I'm entirely willing to believe there's a sectoral/geographical interest in taking over Iraqi oil - the personnel roster of the Bush admin is a walking illustration of the point. But I don't think this translates into a broad interest of American capital. When the oil industry thrives, others wither.
Doug