<html xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=us-ascii"> <meta name=Generator content="Microsoft Word 11 (filtered medium)"> <style>  </style> </head> <body lang=EN-US link=blue vlink=blue> <div class=Section1> <div> What's happening with Iraqi oil?  Is it still off the market?  Of course, it is..well mostly, I suspect.  I don't know for sure though.  That's one reason why I read LBO. ;P  I mean, second largest proven oil patch in the world off the market.  Could it be in Big Oil's interest to keep it so?  Yeah, I know: the insurgency.  Seems, if that pool came online, the world market price of oil would be back to $25 a barrel again, like it was before the 2003 invasion.  Of course, this wouldn't be good for Big Oil's profits.  Or is this an illusion?<o:p></o:p> </div> <div>  <o:p></o:p> </div> <div> Regards,<o:p></o:p> </div> <div> Mike B)<o:p></o:p> </div> <o:p> </o:p> [WS:] One possible factor, which AFAIK nobody on this list mentioned, is the role of oil reserves, or “oil Keynesianism” if you will.  Consider the following hypothetical situation: government slowly uses up oil reserves to combat price hikes due to supply disruptions.  This in a short run slows the price increase, but eventually the reserves have to be rebuilt, which increases short term demand and thus price.  Therefore, this situation is likely to result in a short- to – medium time price increase and then a quick drop after the disruption has been stabilized and reserved rebuilt.  <o:p></o:p> <o:p> </o:p> Can anyone more knowledgeable on this subject offer some insights into this possibility?<o:p></o:p> <o:p> </o:p> Wojtek<o:p></o:p> </div> </body> </html>