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Thursday, April 17, 2003

Oil futures.

"Multinational oil companies, US and other, have plenty to be ashamed of, from their despoliation of the Niger Delta to their support for state terrorism in Indonesia. But they have not been pushing for a war against Iraq," writes Yahya Sadowski in Le Monde diplomatique. "The Bush administration planned its campaign against Baghdad without input from these companies, and apparently without a clue about the basics of oil economics."

They thought, apparently, that a quickly revitalized Iraqi oil industry might break OPEC, where Saudi Arabia exerts its primary influence. Sadowski says that is now unlikely. He also argues that U.S. oil companies won't benefit directly in Iraq — and that Halliburton stands to pick up "service subcontracts" for economic reasons rather than Cheney's influence. To this extent, the antiwar sloganeers were wrong. But Sadowski's larger point is that the Bush administration assumed that oil would figure into their geopolitical plans in a way that it simply can't — and that this is evidence of a major foreign policy blunder.

Copyright © 2003 by Philocrites | Posted 17 April 2003 at 1:13 PM

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