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Topic: Iraq’s flood of ‘cheap oil’
could rock world markets |
Iraq’s flood of ‘cheap oil’
could rock world markets
Washington Times, by Patrice Hill
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Original Article
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Posted By:Dreadnought, 2/3/2013 10:32:07 PM
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| The U.S. is not the only nation experiencing a renaissance in oil production. Sidelined for two decades by war, sanctions and political instability, Iraq passed a critical milestone last year by producing 3 million barrels a day of crude oil for the first time since 1990, before the Persian Gulf War, reaching 3.4 million barrels a day by December. Given its access to vast reserves at low costs, Baghdad is poised to play a pivotal role in determining whether the world’s growing thirst for oil drives up fuel prices to debilitating levels in coming years.
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Reply 1 - Posted by:
Japanorama, 2/3/2013 10:44:45 PM (No. 9156638)
Sayonara, OPEC.
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Reply 2 - Posted by:
VinGoombatz, 2/3/2013 10:54:11 PM (No. 9156644)
I thought the Democrats said that, because of the war, we would get all that Iraq oil. And we would be all set. Are we living in that world now?
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Reply 3 - Posted by:
melanie, 2/3/2013 11:03:11 PM (No. 9156658)
And which nation of "bullies" returned these vast petroleum assets to the Iraqi people, Senator Hagel????
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Reply 4 - Posted by:
nathan92083, 2/3/2013 11:06:44 PM (No. 9156662)
Even if Iraq floods the market with cheap oil, King Barry´s EPA will make sure that we are paying $5.00 a gallon and up by the end of this year.
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Reply 5 - Posted by:
Davids918, 2/3/2013 11:37:51 PM (No. 9156699)
#4 is right.
Democrats in Congress and their liberal/progressive cheerleaders don´t want low oil or gasoline prices.
This is the issue for the GOP.
Even joe six-pack feels better with lower gasoline prices.
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Reply 6 - Posted by:
iamtinman, 2/3/2013 11:50:51 PM (No. 9156712)
If oil is that available, why did my gas station charge me $3.98 a gallon today?
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Reply 7 - Posted by:
Iraengneer, 2/4/2013 3:29:55 AM (No. 9156794)
A rèady supply of petroleum means little without adequate refining capacity. Know how many have been shut down in the last ten years? Know how long it has been since new refineries went on-line?
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Reply 8 - Posted by:
Spidey, 2/4/2013 4:18:43 AM (No. 9156805)
I´ve always said we really don´t need to drill here,just modernized Iraq´s drilling components.They have most of the low hanging fruit oil left on the planet.
I thought it was strange last week that gas prices spiked almost at the same time Obama announced another delay on the XL pipeline.
The last I heard,oil was $94 a barrel which is ridiculously high and there has to be some price fixing involved.It´s possible to me that Bernake´s virtually free money going in the stock market is providing funds for the futures market to keep prices high.
Remember all during the Bush years how the left hated the Saudis,where now it´s possible that they´re best buds with Obama to keep other supply off the market.
The left hasn´t given up on the idea that high gas prices will force people to buy battery cars.Yet they´re still selling big trucks and bypassing smaller cars.
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Reply 9 - Posted by:
privateer, 2/4/2013 11:31:55 AM (No. 9157505)
7 is right! What´s needed is cars that run on crude oil. LOL
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