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Oil Serves but Also Burns Us |
| Section: CURRENT ISSUES / COMMENTARY |
| Author: Youssef M. Ibrahim |
| Publication: The world & I online |
| Issue Date: 1/1/2005 |
| Size: 999 Words, 6,002 Characters |
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By mixing oil with politics in Iraq, the United States has started a fire it cannot put out. The Iraqi oil industry, and with it vital exports of Iraqi oil, has collapsed. Compounding matters, catastrophe came at a time when the world is badly in need of more oil, while producers are running on empty, unable to pump more from beneath their sands and seas.
Result: Oil prices recently shot up to $50 per barrel for the first time in history (although they have since receded), may be $60 tomorrow, and who knows what the day after tomorrow.
Politicians may argue about costs and benefits of America's adventure in Iraq and whether the occupation was a good or bad thing. But no one can deny the obvious, which is the move has massively reduc...
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But even in oil-rich Saudi Arabia, the government has been too busy spending money in the past decade; it has not invested any in its oil infrastructure. Therefore, Saudi Arabia finds itself today unable to make a difference by pumping more oil. That much-discussed excess capacity is turning out to be not there.
So much for great advance planning.
© 2004 United Press International
(762 of 6,002 characters)
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