RE: Oil Economics (was IRAQ sort of)

From: Lee Corbin (lcorbin@tsoft.com)
Date: Sun Feb 23 2003 - 18:16:42 MST

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    Ron writes

    > Barbara,
    > The truth is that the US gets little oil from the middle east. Iraq
    > and the middle east is where our allies France and Germany get their oil.
    > If we wanted to attack someone to protect our oil supply we would
    > attack Venezuela or possibly Mexico.
    > Ron h.

    But isn't there a global market for oil? That is, as I understand
    it, all the Alaskan oil goes to Japan, and the U.S. gets its oil
    from Mexico or Venezuela (I guess, as you assert). But if the
    Mideast oil is cut off, everyone bids the price up, and it doesn't
    really matter where it comes from.

    Yes, the U.S. is probably much more worried about cheap oil than
    is Europe. After all, if Mike Lorrey is right, then oil at high
    prices suits them just fine---besides, they seem to enjoy having
    their economies in the tank all the time. But for the nations
    with healthy economies (who does this include besides the U.S.?),
    a lower price of oil will be quite enriching.

    Now, while I don't really like defending the French, here I
    go again. At least they're not stupid when it comes to
    energy, and now have so much extra capacity from their clean
    nuclear plants that they've got plans to start making and
    selling hydrogen.

    Lee



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