GREG PALAST: 80 years of choking Iraq's oil output to keep prices high

icon gravatar.comwww.ourfuture.org/blog-entry/obamas-secret-war-profiteering-tax
sent by yurbud since 627 days 22 hours 5 minutes, published about 627 days 10 hours 25 minutes
In 1928, oil company chieftains (from Anglo-Persian Oil, now British Petroleum, from Standard Oil, now Exxon, and their Continental counterparts) were faced with a crisis: falling prices due to rising supplies of oil; The solution then, as now: stop the flow of oil, squeeze the market, raise the price. The method: put a red line around Iraq and declare that virtually all the oil under its sands would remain there, untapped. Their plan: choke supply, raise prices rise, boost profits. That was the program for 1928. For 2003. For 2008.
tags: oil, monopoly, iraq, red line
10 commentscategory: The World karma: 206

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  1. #1    The evidence to back this up: 2002 Oil & Gas Journal on need for Iraq War to keep Saddam from pumping too much oil when sanctions came off, statements of oil execs after the war started, and in transcripts of Tony Blair & Bush's meetings before the war, Bush sent his assurances to Putin that a successful Iraq War would NOT lower oil prices.

    http://professorsmartass.blogspot.com/2007/03/oil-too-cheap-if-no-iraq-war-says-oil.html
    written by yurbud since 627 days 20 hours 54 minutesyurbud
  2. #2    The ENTIRE endeavor of the "No-Fly Zone" scam used for 12 years, from 1991 to 2003 was specifically to keep Iraqi Oil in the ground, to stifle development of it. Iraq has the 2nd largest and best-quality fields outside of Saudi Arabia. And they have been largely preserved until now, the Day of Peak Oil.

    And the Attack and Occupation of Iraq have tripled Big Oil profits and screwed the rest of us.
    written by xxdr_zombiexx since 627 days 17 hours 55 minutesxxdr_zombiexx
  3. #3    And that's why they are OK with pipeline bombings and refinery fires. Keep up the random violence, drive away investors, keep Iraq's oil off the market and record record profits and compensation.
    This is why it's believable that they'd nuke Iran. So what if we can't get in to get the oil, we keep it off the market (and out of China's reach).
    written by CwV since 627 days 15 hours 49 minutesCwV
  4. #4    I'm with you on this one, CwV, but my theory is that some of this "random" violence is not so random. It seems that every time another oil producing country opens the taps, there's an act of terrrrrrrrism against an oil installation in Iraq (or Nigeria).

    Yes, it is the one of the two reasons that they would attack Iran. They want to control Iran's output, and they want their corporate buddies to make some profit on the oil sales.
    written by protect_democracy since 627 days 14 hours 11 minutesprotect_democracy
  5. #5    the oil companies are wringing every last cent out of everyone everywhere because we're running out of oil. they know it. we know it.

    oil companies are like the bush administration. they hit "peak time" long ago, and their time is running out. they only have seven months left to completely empty the treasury into their pockets before the republicans lose the white house and their majorities in the house and senate. soon they'll only have the supreme court between them and prison.

    (ever wonder what would happen to YOU if YOU tried to put YOUR offices offshore to avoid paying taxes?)
    written by bick since 627 days 10 hoursbick
  6. #6    AMERICANS ARE ABSOLUTE MORONS IF THEY CAN'T SEE WHO'S RESPONSIBLE FOR THIS MESS: BUSH, THE FASCIST GOP, THE WEALTHY 10%-ERS & BUSH'S OIL BUDDIES!

    Look, folks, you CONTROL THE OIL TRADERS, PUT ON THE 'MARKET FIX', DESTROY COMPETITION (Nigeria & Iraq), KEEP Bolivia & Venezuala like a 'Cat on a Hot Tin Roof', Build NO Oil Refineries in the US for the last 35 Years AND TAKE 100'S OUT OF SERVICE, PURPOSELY DON'T DRILL around Gull Island in Prudhom Bay, AK and VOILA, HIGH OIL PRICES FOREVER! THE GOP = GANG OF THE PRIVILEGED! GET 'EM GOOD!
    written by MotherJones since 627 days 9 hours 58 minutesMotherJones
  7. #7    This might all be true but oil supply is not the main factor in the $133 per barrel cost of oil. As is finally being acknowledged by msm folks like CNN, the speculators are the main reason oil is 1 to 1&1/2 times higher than it should. The weak dollar is another. The combination of the two really sets it up. read/buzz:
    Oil prices result of speculation http://www.buzzflash.net/story.php?id=52926
    Will The Oil Bull Cause Its Own Downfall? Reality Brought to Bear on Oil Prices http://www.buzzflash.net/story.php?id=52767
    Commodities bubble brews? bubble, bubble - oil and trouble http://www.buzzflash.net/story.php?id=52765
    written by RicKelis since 627 days 9 hours 29 minutesRicKelis
  8. #8    This goes all the way back to the early '60's when Bush, Sr then with the CIA, his oil buddies and the military industrial complex had JFK assassinated and the Coup de tat occurred in the USA. The oil depletion allowance was changed, Vietnam was allowed and the republican-neoconservative movement started. Since then it has been an attempt (largely successful) to squeeze out the middle class, the dumbing of America, and make the rich even richer. The Bush clan is the worst thing ever to happen to the USA with Prescott Bush being Hitler's financier in the US until that clown who now resides in the Oval office.
    written by ChiefJBR since 627 days 9 hours 13 minutesChiefJBR
  9. #9    Fuck Bush, Cheney, and all the rest of their crooked oil buddy's! They should have all been sent to prison long ago, instead of being allowed to rip off the American people, and bankrupt the country! These criminals will continue with their agenda as long as they are in power! You want cheaper gasoline and heating oil prices? If so, then round up all these crooks! Throw them in prison! Throw away the key!
    written by ChingarraSan since 627 days 9 hours 10 minutesChingarraSan
  10. #10    One person commented about keeping the oil out of China's hands and that is key. But more elaboration is necessary. When the oil becomes very scarce it will be the militaries of these nations who want the last drop of it to supply their machines. Whoever has the last bit of tank/jet fuel will be in a very powerful position. And that's why McCain is serious when he talks about being in Iraq for the next 100 years. The Abrahms Tanks being used in Iraq get 3 gallons to the mile.
    written by NIHILOZERO since 626 days 12 hours 16 minutesNIHILOZERO
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