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Endless War and Iraq's Oil:

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Good Morning Middle America, your King of Simple News is on the air.

Oil has gone from $32 per barrel just a few years ago to today’s staggering $126.

The Democrats are blaming George Bush and Dick Cheny for the hike, saying they influence “big oil.” Yet, U.S. oil companies produce only 25% of our current oil needs and their reserves are in serious decline.

A full 75% of all known world oil is in the hands of foreign governments that have nationalized those countries oil industries and reserves. The more oil is worth, the more those countries make, so why not high prices? And, what influence does Bush and Cheny have over all of the oil producers on earth? My opinion is, “very little.” Which brings me to Iraq.

Iraq is a totally different picture. Iraq is believed to hold the second largest oil reserves remaining on earth (what a shock). The Iraqi government owns those reserves, but U.S. oil companies would like to change that, as would George “Badlands” Bush and Dick “Dick” Cheny.

A new “Iraqi Oil Law” was written in 2004 by…oh yeah, the U.S. (who was just trying to help). This new law if passed would move a portion of the state owned Iraqi oil into a partnership with foreign companies, most notably Chevron-Texaco, Exxon-Mobil, Conoco-Phillips, Marathon, BP and Shell. The Iraqi people are somewhat vocal about not passing the law, which remains in serious debate. In the mean time, “Badlands George” and Dick “Dick” Cheny are running out of time at the bully pulpit.

When it was brought to Dick “Dick” Cheny’s attention that the people of Iraqi are against a partnership that would guarantee a profit for the American Oil Company participants, his thoughtful answer was, “So?” I just made this last part up, but I’m thinkin’ that I didn’t miss the mark by much.

Considering that the dimmest person in the U.S. has now begun to suspicion that we are in a full time never ending war in Iraq for oil, let me shift gears a little. Is it possible that a life altering catastrophic event such as the fact that we are running out of world oil being overlooked?

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Is this a matter of believing that “They” will come up with a solution while “we” watch TV? My belief is, yes and no. Yes, most dumbed-down U.S. go-to-work and watch TV citizens are clueless about the world oil supply. No, our government has not overlooked this inconvenient issue; at least not all of our government.

That portion of our fearless leaders who understand that oil is fetching $126 per barrel because the remainder of the world is willing to pay $126 per barrel, due to demand outstripping supply, understand all too well that the world oil supply is going the way of the buffalo and SUVs.

After all, we’ve known that peak oil was coming since 1956 when the renowned geophysicist Marion King Hubbert said it was so. http:/www.hubbertpeak.com/Hubbert/hubecon.htm

So then, is that faction of our government who understands that a nation who uses 20,000,000 (yes million) barrels of oil per day (and one that will be in deep do-do should we no longer have access to that oil), willing to engage in a war on false premise to commandeer a future supply? You tell me what you think.

It’s not looking any better is it? As the weathered old cowboy said, “There’s things about this outfit that they didn’t tell me when I hired on.”

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Mike Folkerth is the author of "The Biggest Lie Ever Believed" and is not your run-of-the-mill author of finance and economics. The former real estate broker, developer, private real estate fund manager, auctioneer, Alaskan bush pilot, (more...)

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Let me try and figure this one out. Expensive oil.... by Wolfie on Tuesday, May 13, 2008 at 5:57:26 PM
After all, what's it worth to save all of these pe... by Mike Folkerth on Tuesday, May 13, 2008 at 6:22:44 PM
Sorry if you thought this dog of a gringo was seri... by Wolfie on Thursday, May 15, 2008 at 12:58:18 AM