Quote:
Originally posted by MagiK:
Funny how a problem in Israel between them and the Palistinians which does not threaten any of the other oil producing countries is cause for a price hike.
Be kind of poetic if the world said "screw" the Middle East, and went with the Russians who also have huge oil reserves. It would also be ironic if this whole middle east flap would spur development of alternate energy sources which in turn would lead to the middle eastern bastiches dropping back into their pre-historic nomadic lifestyle of camel jockey, left in the back wash of humanity with nothing left to offer the modern world.
If Im not mistaken, the only reason any of these countries have any modern conveniences is because they had oil to sell. What do they do if their customers go away? Goat hearding just doesnt allow for much in the way of progress.
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Well put MagiK!
At this point OPEC has called an emergency meeting in order to increase production from other cartel contries in order to offset Iraq's decrease in exports. Fortunately, the producing heavyweights, Saudi Arabia and Kuwait, do not support decreasing oil exports and either of them could individually offset Iraq with little difficulty. Make one glad we supported Kuwait in the Gulf War.
Now we'll just have to see if OPEC can come to an agreement. Either way I bet prices at the pump still rise. Those dirty *$#@^$%#.