Iraq may hold twice as much oil

[nodular]

What can I say?


Financial Times (Ft.com)


http://www.ft.com/cms/s/23bedd7e-edd8-11db-8584-000b5df10621.html


"Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003.

"The potential presence of a further 100bn barrels in the western desert highlights the opportunity for Iraq to be one of the world’s biggest oil suppliers, and its attractions for international oil companies – if the conflict in the country can be resolved.

"If confirmed, it would raise Iraq from the world’s third largest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia and overtaking Iran.

"The study from IHS, a consultancy, also estimates that Iraq’s production could be increased from its current rate of less than 2m barrels a day to 4m b/d within five years < to fifth largest daily producer in the world>, if international investment begins to flow."

[htuttle]

1. The oldest oil field in Iraq (Kirkuk) started production in 1927

So, all this time, they *never* bothered to explore the western desert? Remarkable. And probably bullshit.

[nodular]

4. Good point. I wouldn't mind seeing a little historical background on this.

[cliss]

2. I believe Mr. Wolfowitz

was aware of this long ago. To paraphrase,

~You have no idea how much oil is underneath the Iraqi sands~

Out of all the Neo-CONS, he was the one who divulged the most. As far as invading Iraq, he said, "We had no choice on that one", meaning we had to take it before someone else did.

He also said, "Weapons of mass destruction was the one thing we agreed on", in terms of invading Iraq.
= = = = = = = =

Saudi Arabia's oil fields are in decline. The Ghawar Oil Field has gone into a steady decline. That leaves just TWO Mega sources: Iraq & Iran. Guess which 2 religious groups would control about 95% of the world's oil supply?

[nodular]

5. You are referring to a quote you remember but cannot reproduce word for word?

~You have no idea how much oil is underneath the Iraqi sands~

[cliss]

7. Ok, I'll look it up.

n/t

[tblue]

3. The whole war was about stifling the flow of oil to keep the prices of this finite resource high

And look at the price of gas today. Coinkydink?

[nodular]

6. Well, that was the result, without a doubt. And yeah, the oil companies have made

the greatest profits in the history of the American corporation. And yeah, the Bush family money originated with oil and they are based in Texas...so, yeah, I guess it IS a coincidence---but a most convenient one!