[personal profile] tangaroa

Greg Palast has a new theory about the Iraq war: that oil companies conspired with the Bush administration to keep oil prices artificially high by preventing the privatization of Iraq's oil fields.

If the US imports about 10 million barrels a day and if increased competition had brought the price of a barrel of oil gone down from $60 to $35, the lower price would have saved the US economy about $91 billion a year. I would have expected that number to be higher, but that's still a lot of money, about a sixth of the trade deficit.

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