I always thought that the War on Iraq was partly a proxy war on Saudi Arabia (where the most of the 911 attackers came from).
By controlling the oil in Iraq, we would have mollifed the power of OPEC and controlled the price of oil.
Now, OPEC is paying us back with high oil prices and there’s nothing we can do. OPEC has other big customers in China and India.
It’s like Walmart pressuring their suppliers for lower and lower prices. Either lower your prices or you’ll be off our vendor list. You can bet that the suppliers would love to stick it to Walmart when they get a chance in the future.
From the point of view of OPEC, why would they want to increase production to reap the same revenues?
