What would happen in the USA left Iraq tommarow ?

[chuckwoww]

It's true that the oil companies are making record profits but I don't think they are the only factor influencing crude prices. The mess in Iraq has caused a knock-on effect in the Gulf including increased security costs. The Saudis are reluctant to increase production. Production costs have risen in the North Sea, there is trouble in Nigeria. Venezuela is doing nothing to bring the price down. Nor is Russia. Why should they? With China now hungry for oil it's a seller's market.

 

I'm not sure why the American public doesn't complain more. They seem to be sedated. I think the price at the pump will start to make for a consumer slowdown eventually. Throw in falling house prices and it could even be a recession...maybe that would bring oil prices down.

[dabbish]

@Bangkoktraveler:

 

My bad. So I should say sorry. Sorry¨

 

[Steve]

The war may have made it 'unamerican' to complain too much since the oil prices have been in part, tied to to the war by some of the conservatives. Just one possible explanation. If you recall the price of oil shot up immediately after we went into Afghanistan which most found justified and the oil prices have not come down since.

[Bangkoktraveler]

The War on Terror is really the Oil War. Bush fighting for Freedom and Democracy is really making sure the USA stays the number 1 world power and that everybody (including USA citizen) are subjects to his one handed power. It has nothing o do with Freedom and Democracy. Don't be surprise if within the next 6 months, oil increases by about 50%.

[Steve]

Even going into Afghanistan immediately after 911 was about oil?

[chuckwoww]

The war may have made it 'unamerican' to complain too much since the oil prices have been in part, tied to to the war by some of the conservatives. Just one possible explanation. If you recall the price of oil shot up immediately after we went into Afghanistan which most found justified and the oil prices have not come down since.

 

Most people feel OK about going after Bin Laden and the Taliban I think. It even plays well with liberals. But Cheney and his pals expected Iraq to be a cakewalk with cheap oil at the end of it. Didn't happen. Now if the oil price causes an economic slow down Bush will surely get the blame.

 

[Steve]

Had they stayed in Afghanistan, there wouldn't be too much trouble. Most americans, even libs thought it was justified. Iraq is a different matter altogether. Bush has been fortunate. Usually a dramatic increase in oil prices would push the country (and just about any country for that matter) into a prolonged recession. However, the economy rebounded despite the oil prices and the stock market has hit new highs. The unemployment rate is low as well. There are actually very good 'numbers' that any administration would be crowing about but the angst over Iraq and other things makes most americans discount it to a large extent. I personally NEVER give any president credit for any good economy. They can help it but I learned from econ 101 that ALL economies fluctuate and trend up and there will be good times and bad. The only thing a president (and congress) can do is either help an expansion or end it early and the reverse in bad times. The economy is bigger than any president.

 

[chuckwoww]

Yes the stockmarkets do seem to be OK in spite of everything. Oil prices, low dollar, outsourcing, the economy seems pretty resilient. Hard to see why.