In 1999 Iraqi oil production was over 2.5 million barrels per day.

[norml]

That was under the Oil for Food Program, and doesn't even include what was smuggled out. By the time of the 2003 invasion Iraqi oil production was down to 1.3 million barrels per day. I laughed when they bragged that oil production in Iraq was back up to prewar levels, because the 1.3 million barrels per month figure was what they were bragging about being back up to, not the 2.5 million barrels of oil per day that was being produced under the Oil for Food Program. That production had to be taken off the market in order for oil prices to do what they call "firm". Iraqi oil production was at it's peak in 1979 at 3.5 million barrels per day. Of course that was before Reagan/Bush got to work in the region.


Sources: CIA World Fact Book, and USA Today research.

[tedzbear]

1. Very Interesting...

So the reason we invaded Iraq was to reduce its oil production, forcing oil prices to rise?

I think that might be giving the chimp more credit than he deserves.

[norml]

2. I think it's key to understanding what's going on.

The first thing that was done on entering Iraq was to get it back into OPEC, which it had been out of for some time. Even after this right wing media continued to spread the false hope that oil coming out of Iraq could be a counter to OPEC. Even if there is no instability in Iraq, OPEC still decides how much will be produced. As it is continued instability justifies continued occupation leading to continued instability. The world's second largest reserve of oil stays off the market. The Saudis, with their number one reserve of oil in the world make out like bandits. To know what Bush will do, just ask "What do the Saudis want done?" Here's a related thread, with other related threads in it. http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x3545478

[IrateCitizen]

3. Not quite...

The reason we invaded and occupied Iraq, was to gain CONTROL over those oil resources and sit on them, waiting to use them after global Peak Oil has truly driven prices through the roof.

Dick Cheney, among others, has declared the "American way of life" to be "non-negotiable". That way of life is dependent upon massive amounts of petroleum. The United States moved to set up "police stations" in the Middle East in order to control the major stores of oil that is left, in order to try and maintain some sort of global hegemony.

[bvar22]

4. If you owned a barrel of oil,

would you rather sell it for $27.00
or
$100.00?