Iraq oil exports surging

posted at 6:31 pm on June 3, 2012 by Jazz Shaw

Here’s a headline you probably didn’t see coming:

Oil Output Soars as Iraq Retools

Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports.

The increased flow and vital port improvements have produced a 20 percent jump in exports this year to nearly 2.5 million barrels of oil a day, making Iraq one of the premier producers in OPEC for the first time in decades.

You may recall that the United States was involved in some sort of activity over there in Iraq until recently, though the details escape me at the moment. Oh, that’s right… it was a war. But if the Iraqis can manage to crank up production at the predicted volumes, it will do a lot to soften the threat of Iranian retaliation to sanctions. So who isn’t this good news for? Hugh Hewitt explains.

Dick Cheney’s Master Plan Backfires

Iraqi oil is easing the worldwide price, providing leverage over Iran in the negotiations over the latter’s nuclear program, and is likely to match Saudi output in a few years.

These are great benefits to the world, and they must be surprising to the left since George Bush and Dick Cheney invaded the country to get the oil. And the idea that Dick Cheney, pawn of Texas oil interests, forced an invasion that has now resulted in falling crude prices, well, that is going to give the left some headaches.

Not much more to add there. Have fun with it.


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Barry to announce re-occupation of Iraq by the EPA in 3…2…1…

wildcat72 on June 3, 2012 at 6:33 PM

Darth Big Oil?

Bmore on June 3, 2012 at 6:33 PM

… and gasoline is still WAY OVER $4.00 a gallon near my house in SOCAL…

Thx Obama…

Khun Joe on June 3, 2012 at 6:33 PM

So this means Bush, Chenney and Haliburton are finally getting the payoff!! And right now they’re laughing at all of us…./

BigWyo on June 3, 2012 at 6:34 PM

Iraq’s crude oil production is soaring

In a non-obumbles world, ours would be too.

Tim_CA on June 3, 2012 at 6:36 PM

Prepare the death star, Darth Cheney and emperor Bush are at fault…no war for oil….what a bunch of left wing hoohaw……

crosshugger on June 3, 2012 at 6:36 PM

Yeah, but it’ll take 10 years before the oil pumped today will affect gas prices.

/lib

Or does that only work for American oil?

Left Coast Right Mind on June 3, 2012 at 6:37 PM

Yep. It’s Bush’s fault.

toolnutz on June 3, 2012 at 6:39 PM

Yeah, but it’ll take 10 years before the oil pumped today will affect gas prices.

/lib

Or does that only work for American oil?

Left Coast Right Mind on June 3, 2012 at 6:37 PM

Could it be that it takes 10 years to get production going due to the EPA and enviro-luddites being allowed to gum up the works using hand picked marxist judges?

wildcat72 on June 3, 2012 at 6:39 PM

Huh. They say that if the US pumps lotsa oil, it won’t matter to world marets, because you can’t drill your lay outa this problem and all.

But Iraq opens the valves and world oil prices fall.

Maybe when they say “you can’t drill your away outa this problem,” they mean, you know, drilling without pumping too.

You know, for plausible deny-ability’s sake.

“We never said you can’t pump your way outa this problem, we said you can’t drill your way out of it. Of course you can pump your way out after you drill.”

Akzed on June 3, 2012 at 6:41 PM

wildcat72 on June 3, 2012 at 6:39 PM

Why do you hate the polar bears? Don’t you know they can’t swim?

/

Left Coast Right Mind on June 3, 2012 at 6:41 PM

Dick Cheney’s “Master Plan”??
What a pile of crap.

Mimzey on June 3, 2012 at 6:41 PM

These are great benefits to the world, and they must be surprising to the left since George Bush and Dick Cheney invaded the country to get the oil. And the idea that Dick Cheney, pawn of Texas oil interests, forced an invasion that has now resulted in falling crude prices, well, that is going to give the left some headaches.

So when oil prices go up, it’s Obama’s fault for not approving the Keystone pipeline. However when it goes down, its because Cheney invaded Iraq. The blue tin foil hat always looked good on Hugh.

Uppereastside on June 3, 2012 at 6:42 PM

Yeah, but it’ll take 10 years before the oil pumped today will affect gas prices.

/lib

Or does that only work for American oil?

Left Coast Right Mind on June 3, 2012 at 6:37 PM

That’s the Alaskan Time Shift. It happens when people record what liberals say. Back in the 2000 election, opening ANWAR was a big issue, but the Dems shot it down by saying that the oil production wouldn’t fully be online for ten years. Even the AFL-CIO was on board with GWB to drill, baby, drill. But, the Libs got their way and that oil would’ve been pumping at full capacity starting about two years ago. Maybe with cheaper energy and a few more jobs, it may have even blunted Dear Leader’s “Great Recession” and he wouldn’t be in such bad shape in the polls. That’s a damn shame.

trubble on June 3, 2012 at 6:43 PM

Well,this proves tah Nouri al-Maliki is owned by Haliburton./lib

docflash on June 3, 2012 at 6:45 PM

Iraq’s crude oil production is soaring

Sounds like they need the EPA to straighten things out.

Rio Linda Refugee on June 3, 2012 at 6:46 PM

Why do you hate the polar bears? Don’t you know they can’t swim?

/

Left Coast Right Mind on June 3, 2012 at 6:41 PM

The environmental nazis have pissed me off to the point I hate trees and want THEM to go extinct just to remove an object of their worship.

wildcat72 on June 3, 2012 at 6:48 PM

Dick Cheney’s “Master Plan”??
What a pile of crap.

Mimzey on June 3, 2012 at 6:41 PM

Hey Mimzey, do you have any idea what you’re talking about? Just askin’.

jaimo on June 3, 2012 at 6:50 PM

We are awash in crude oil. Crude oil doesn’t mean much, we need refining capacity. The price of gasoline would come down considerably right now if we could get a couple of additional refineries on line.

crosspatch on June 3, 2012 at 6:55 PM

Khun Joe on June 3, 2012 at 6:33 PM

CA is in its own universe and has been for eons.

Kermit on June 3, 2012 at 6:58 PM

In a non-obumbles world, ours would be too.

Tim_CA on June 3, 2012 at 6:36 PM

Just allowing oil drilling in Bakersfield area would do wonders to GULAG economy and prices at the pump. But we all know it won’t happen with liberals in charge.

riddick on June 3, 2012 at 6:59 PM

The blue tin foil hat always looked good on Hugh.

Uppereastside on June 3, 2012 at 6:42 PM

You don’t have that whole supply-demand thing worked out yet, do you?

John the Libertarian on June 3, 2012 at 6:59 PM

What a distraction. Romney is mean-spirited and hates working Americans, people.

J.E. Dyer on June 3, 2012 at 7:00 PM

crosspatch on June 3, 2012 at 6:55 PM

Wrong to the max. You have to extract the “oil” and Green River Formation does not count as it is actually a polymer called kerogen locked in shale, not oil. At least $70 per bbl to get it out and ready to refine.

Our refining capacity is at 85% utilization rate. New capacity has only recently come on line fully with several expansions, and more coming online this year when Shell finishes converting its refinery just above New Orleans from taking crude oil to create feedstock for its ethylene cracker just up river into a fully integrated refinery.

What we need is pipeline capacity to bring crude down to refineries from Bakken and also Canadian crude to the Gulf Coast where there are very complex deep conversion refineries able to process it.

Kermit on June 3, 2012 at 7:03 PM

Just allowing oil drilling in Bakersfield area would do wonders to GULAG economy and prices at the pump. But we all know it won’t happen with liberals in charge.

riddick on June 3, 2012 at 6:59 PM

You mean in a depleted oilfield? OR Do you mean in the shale formations near the coast?

Kermit on June 3, 2012 at 7:05 PM

Uppereastside on June 3, 2012 at 6:42 PM

Er … you’ve just confirmed the point of the article.

OldEnglish on June 3, 2012 at 7:07 PM

Uppereastside on June 3, 2012 at 6:42 PM

Two completely different types of crude for two different types of refineries.

Canadian crude would mostly go to refineries presently configured for Venezuelan crude, since other refineries cannot process it economically.

Know a little something about type of crude and types of refineries first.

Kermit on June 3, 2012 at 7:08 PM

Iraq oil exports surging

I blame George Bush. How ’bout you, Barry?

locomotivebreath1901 on June 3, 2012 at 7:13 PM

Barry to announce re-occupation of Iraq by the EPA in 3…2…1…

wildcat72 on June 3, 2012 at 6:33 PM

Obaka would never sic the EPA on his muslim brothers.

predator on June 3, 2012 at 7:13 PM

You mean in a depleted oilfield? OR Do you mean in the shale formations near the coast?

Kermit on June 3, 2012 at 7:05 PM

Probably referring to the Monterey shale formation which goes from Kern County all the way up the central valley to about Modesto.

crosspatch on June 3, 2012 at 7:13 PM

Barry to announce re-occupation of Iraq by the EPA in 3…2…1…

wildcat72 on June 3, 2012 at 6:33 PM

I could almost see that happening. If there’s one thing that would spur a “militaristic” Obama that would be it.

jwolf on June 3, 2012 at 7:15 PM

What we need is pipeline capacity to bring crude down to refineries from Bakken and also Canadian crude to the Gulf Coast where there are very complex deep conversion refineries able to process it.

Kermit on June 3, 2012 at 7:03 PM

That oil is currently being carried to the Gulf Coast by rail. It travels on Warren Buffett’s Burlington Northern railroad which is why the pipeline is being blocked by the Obama administration, it would result in the loss of millions in revenue by one of his supporters.

Crude oil is not the problem. The problem is refinery capacity. We saw gasoline prices spike last month because of the switch over from winter fuel to summer fuel. During that switch, refiners generally also perform other maintenance and the gasoline production is off line for an extended period. Obama is slated to take a large portion of refining capacity off line in the Eastern US with environmental regulations. Gasoline prices are set to skyrocket as are other refined fuels. That is why we saw an airline recently purchase their own refineries.

There has not been a major refinery built in the US in about 35 years and it would be nearly impossible to build a new one as you would be locked up in environmental “lawfare” for a decade or two in order to get it approved.

crosspatch on June 3, 2012 at 7:19 PM

Yes but will the first Governor to sign Gay Marriage and Cap and Trade into law really change and fix either of these?

He seems to say he will. But will he?

He sure is not talking about eliminating the EPA. Sorry but it must be eliminated and replaced with an agency with much less power. There is no way to fix it. All of the senior staff must be replaced.

Steveangell on June 3, 2012 at 7:22 PM

Far left believed we went in there to steal the oil.

Moderate left believed we wanted it for “Texas Oil” firms and Haliburton profits.

Center left thought it was just folly.

I think it was probably folly not to take some of the oil and good for any company that has profits tucked away from the Bush years.

Notice all the cash languishing on corporate balance sheets?

Wow — it is like we have Hugo Chavez in there.

IlikedAUH2O on June 3, 2012 at 7:22 PM

Uppereastside on June 3, 2012 at 6:42 PM

Er … you’ve just confirmed the point of the article.

OldEnglish on June 3, 2012 at 7:07 PM

shhhhhhhhhhh!…might be a Harvard grad!

KOOLAID2 on June 3, 2012 at 7:23 PM

Our refining capacity is at 85% utilization rate….

Kermit on June 3, 2012 at 7:03 PM

Where will that number go if we have a booming Republican-led recovery in 2013?

slickwillie2001 on June 3, 2012 at 7:29 PM

We saw gasoline prices spike last month because of the switch over from winter fuel to summer fuel.

crosspatch on June 3, 2012 at 7:19 PM

Wrong.

The increase happened long before this and the price went down when it actually happened. Although it is higher now because of it than it would have been.

Speculators caused the price increase. At one point demand was down production up and price up. That is not a free market. Derivatives must be controlled such that a few large players can not cause the fluctuation that they cause and profit off. It is a fixed game they cause the price increase and benefit on the up and the down. Totally crooked.

Derivatives are good but must be regulated to stop monopolistic behavior.

Steveangell on June 3, 2012 at 7:29 PM

You know what else a drop in the price of crude dictates? That the U.S. increase the percent of ethanol in gasoline blends. ‘Cause it makes so much sense.

a capella on June 3, 2012 at 7:33 PM

Steveangell on June 3, 2012 at 7:29 PM

(yawn..) That is why all 50 government investigations found no merit in what you just wrote.

IlikedAUH2O on June 3, 2012 at 7:35 PM

So when oil prices go up, it’s Obama’s fault for not approving the Keystone pipeline. However when it goes down, its because Cheney invaded Iraq. The blue tin foil hat always looked good on Hugh.

Uppereastside on June 3, 2012 at 6:42 PM

Did you completely miss the point? As usual.

Bmore on June 3, 2012 at 7:37 PM

Oh and this.

By your analysis, I hope you understand why most progressives brand conservatives as people who hate minorities. In other words racists.

Uppereastside on May 20, 2012 at 9:49 AM

Only one playing the race card is you and your right wing lunatics. All you do is bring race into every equation.

Uppereastside on May 2, 2012 at 12:47 PM

rogerb on May 20, 2012 at 10:02 AM

Hat Tip rogerb.

Bmore on June 3, 2012 at 7:38 PM

Hardcore totalitarian leftists, the democrat party, and 0bama (BIRM) hardest hit!

jukin3 on June 3, 2012 at 7:39 PM

Since oil is a fungible commodity, increased production anywhere in the world is good for The US. I understand that the neat thing about Iraq is that much of the oil is Kurd and it is exported through Turkey instead of the straights. This also indicates that the chinese may have backed the wrong horse in Iran.

Old Country Boy on June 3, 2012 at 7:40 PM

Just to rub it in regular gas is $3.08 here

tmitsss on June 3, 2012 at 7:42 PM

For all you who speculate about specualtors, here is a partial list of them: American Airlines, Delta, United, Southwest, PG&E, AEP, Consolidated Ed, BNSF, UP….In other words, an awful lot of what you call “speculation” is just big petroleum based industries trying to have petroleum sources when they need it and trying to get the lowest price they can at that time. It helps even out air fares, etc.

Because speculation is BAD BAD BAD, I think we need the government to take over these companies, and any like them, execute their CEOs and confiscate any outstanding stock. That ought to make all you moronic libruls happy.

Old Country Boy on June 3, 2012 at 7:49 PM

Perfect…….DOTUS destroying AMERICAN OIL AND GAS industry.

….but foreign powers pump away with our help.

brilliant, if you’re trying to bring down the engine of America.

PappyD61 on June 3, 2012 at 7:53 PM

Just to rub it in regular gas is $3.08 here

tmitsss on June 3, 2012 at 7:42 PM

That is over a dollar/gallon cheaper than where I live in SOCAL… and I don’t live anywhere near the beach…

Khun Joe on June 3, 2012 at 7:55 PM

So when oil prices go up, it’s Obama’s fault for not approving the Keystone pipeline. However when it goes down, its because Cheney invaded Iraq. The blue tin foil hat always looked good on Hugh.

Uppereastside on June 3, 2012 at 6:42 PM

Simpler terms:

Whoever brings goods to market first, gets paid most.

Supply. Demand. Profit.

Wake the h**l up. If you haven’t got it yet, the ideas that have been put in place for the last 5 years by *your* party…hasn’t…worked. If your side keeps screwing up, we ALL pay the price.

This isn’t a board game, this is real life.

BlaxPac on June 3, 2012 at 7:56 PM

That is why all 50 government investigations found no merit in what you just wrote.

IlikedAUH2O on June 3, 2012 at 7:35 PM

Same reason no one went to jail after the financial breakdown.

No one dares regulate or investigate these large players.

Far easier to just lie to everyone and not admit the system is fixed so only the largest players can play.

Why is Corzine not in prison he stole more the Bernie Maddof.

Obama is robbing this country blind. His friends are laughing all the way to the bank.

Steveangell on June 3, 2012 at 7:58 PM

What’s that doughy, yeasty smell?

ExpressoBold on June 3, 2012 at 8:00 PM

Because speculation is BAD BAD BAD, I think we need the government to take over these companies, and any like them, execute their CEOs and confiscate any outstanding stock. That ought to make all you moronic libruls happy.

Old Country Boy on June 3, 2012 at 7:49 PM

This is an example of the biggest lie. The one Stossel used on O’Reilly.

These are legitimate use of derivatives. They will actually use the product they pay for in advance.

Derivatives are a necessary part of the equation. What is the problem is when Soros gets together with three other huge funds and buys futures for oil they will never use for the sole purpose of driving the price up. They then all start shorting at the same time. They thus profit on the rise and the fall. None of which would have happened without what they did.

Steveangell on June 3, 2012 at 8:05 PM

Just to rub it in regular gas is $3.08 here

tmitsss on June 3, 2012 at 7:42 PM

That is over a dollar/gallon cheaper than where I live in SOCAL… and I don’t live anywhere near the beach…

Khun Joe on June 3, 2012 at 7:55 PM

I would guess TX is where it is $3.08
$3.43 here in MD Eastern Shore.

Steveangell on June 3, 2012 at 8:08 PM

Yeah, but it’ll take 10 years before the oil pumped today will affect gas prices.

/lib

Or does that only work for American oil?

Left Coast Right Mind on June 3, 2012 at 6:37 PM

No, that’s the reason they give not to drill. Funny how it works in perpetuity.

Odysseus on June 3, 2012 at 8:13 PM

Bush and Cheney tried to steal their oil, but the Iraqi people hid their oil deep in the ground and fooled them.

Hening on June 3, 2012 at 8:13 PM

Gasoline is on it’s way back to .98 cent/gallon.

Too bad the dollar will on buy .20 cents worth.

esnap on June 3, 2012 at 8:27 PM

I figured thing were going well in Iraq since the media hasn’t been talking about it. :)

PattyJ on June 3, 2012 at 8:27 PM

Speculators caused the price increase. At one point demand was down production up and price up. That is not a free market. Derivatives must be controlled such that a few large players can not cause the fluctuation that they cause and profit off. It is a fixed game they cause the price increase and benefit on the up and the down. Totally crooked.

Derivatives are good but must be regulated to stop monopolistic behavior.

Steveangell on June 3, 2012 at 7:29 PM

Incorrect, but thanks for playing. To some extent everyone who buys and sells anything is a speculator. The person buying is speculating the price will go up and buying from someone who is speculating it will go down or has already met their desired rise in price and are taking their profits.

You can not have a free market without speculators and they can move markets in either direction. But a 10% price move in crude isn’t going to make a 25% move in gasoline.

crosspatch on June 3, 2012 at 8:31 PM

I can’t help but think that Obama’s OPEC pals are trying to ease the price of oil to enhance his chances of re-election…I’m just dumb enough to think that there might be a connection there. Obama has been the best friend OPEC has ever had in an American President. He has done his best to deny, delay and destroy domestic energy production from coal, to oil, to nuclear which of course, lead to more dependance on importing oil. Could OPEC be trying to return the favor?

Nozzle on June 3, 2012 at 8:35 PM

Nozzle on June 3, 2012 at 8:35 PM

Dear Leader Shafts The Public to Help his Reelection

Yea but he either bombs the Iranians or he pulls a rabbit out of a hat. His dithering cost our nation a fortune because of the risk premium running the price of oil up for months and months. This is a real charge unlike the fantasy some people have on futures.

The unemployed should thank him for the delay and the prices slowing our economy.

IlikedAUH2O on June 3, 2012 at 8:45 PM

crosspatch on June 3, 2012 at 7:19 PM

There are NOT enough tank cars to make much of an impact and neither is there enough receiving rail terminal capacity. Some is being built and expanded but in no way has the capacity required by fantasy.

Motiva Port Arthur finally came online at 100% with all process units commissioned. Shell St. Rose LA conversion from providing ethylene cracker feedstock to fully integrated refinery is close to complete.

I know about plant and process unit outages, which should have already been completed as most normally take place in the winter months when demand is the least.

Refining capacity on the East Coast closed because they cannot compete in price with the more efficient Gulf Coast refineries and easy transport via product pipeline. Those refineries are obsolete and inefficient, plus they can only refine light sweet imported crude from West Africa, Middle East and North Sea. Plus no pipelines from the west.

Kermit on June 3, 2012 at 8:46 PM

Dang! Why aren’t I in the oil futures business? I could be a sittin’ next to a cement pond with a cute honey right now.

IlikedAUH2O on June 3, 2012 at 8:47 PM

How many people actually believe that crude oil is all bought and sold via some trading pit is beyond me.

Kermit on June 3, 2012 at 8:48 PM

I can’t help but think that Obama’s OPEC pals are trying to ease the price of oil to enhance his chances of re-election…I’m just dumb enough to think that there might be a connection there. Obama has been the best friend OPEC has ever had in an American President. He has done his best to deny, delay and destroy domestic energy production from coal, to oil, to nuclear which of course, lead to more dependance on importing oil. Could OPEC be trying to return the favor?

Nozzle on June 3, 2012 at 8:35 PM

No, I don’t believe so. The Saudis are the ones with the surge capacity to control pricing, and they are terrified of little Bammie because of his pitifully weak foreign policies. If anything they will do what they can to keep prices high until after the election.

They might like his domestic energy policy, but it’s far outweighed by his foreign policy. Remember the dressing-down the Saudis gave little Bammie when he threw Mubarak under the bus?

They’d like President George W. Bush back, and they would surely prefer Mitt Romney to little Bammie.

slickwillie2001 on June 3, 2012 at 8:52 PM

slickwillie2001 on June 3, 2012 at 8:52 PM

Correct.

What Saudi does have is the 5th largest field in the world coming online since first of the year and an old field which had been closed for 30 years also being returned to production. They have the capacity to ship 12 million bpd and are only shipping 9.2 million

Kermit on June 3, 2012 at 9:02 PM

More money going from the civilized world to the uncivilized world does not make me happy even if it does mean temporary lower gas prices. I would much rather concern ourselves with drilling and finding oil in this side of the globe instead of dealing with the Islamic world.

Money going to the Islamic world can only have one outcome and it is not good for infidels around the world.

William Eaton on June 3, 2012 at 9:15 PM

To some extent everyone who buys and sells anything is a speculator. The person buying is speculating the price will go up and buying from someone who is speculating it will go down or has already met their desired rise in price and are taking their profits.

You can not have a free market without speculators and they can move markets in either direction. But a 10% price move in crude isn’t going to make a 25% move in gasoline.

crosspatch on June 3, 2012 at 8:31 PM

I do not disagree with any of this.

We must have Speculators. But like anything for a free market to work it must actually be free. When a single entity gets too big it ceases to be a free market. Some of the biggest players must not be allowed to get together and corner a market. This must be stopped. Oil went up for this reason not because many smaller investors happened to do the same thing all at once. To pretend these players do not work together is to deny all the facts. For now it is completely unregulated and the big players can abuse the system and they do.

Steveangell on June 3, 2012 at 9:26 PM

Money going to the Islamic world can only have one outcome and it is not good for infidels around the world.

William Eaton on June 3, 2012 at 9:15 PM

This is so very true.

I wish Romney truly understood the nature of Islam. Every Muslim is extreme unless they do not live their religion. Their religion requires they lie to non-islamics to placate them into an inferior position then kill them. The religion is Satanic worship at it’s worst. Worst because the believers are just as deceived as they are taught to deceive others. They are taught Allah is GOD when Allah is Satan the usurper of GODs glory.

Steveangell on June 3, 2012 at 9:32 PM

… and gasoline is still WAY OVER $4.00 a gallon near my house in SOCAL…

Thx Obama…

Khun Joe on June 3, 2012 at 6:33 PM

Here in San Antonio I’m seeing $3.37.

God blessed Texas.

NoDonkey on June 3, 2012 at 10:43 PM

So when does Iraq give us 10 years of free oil for liberating them from a mass-murdering tyrant?

*Global crickets*?

profitsbeard on June 3, 2012 at 10:44 PM

Uppereastside on June 3, 2012 at 6:42 PM

Er … you’ve just confirmed the point of the article.

OldEnglish on June 3, 2012 at 7:07 PM

shhhhhhhhhhh!…might be a Harvard grad!

KOOLAID2 on June 3, 2012 at 7:23 PM

Probably smoked dope with Obama.

Gladtobehere on June 3, 2012 at 11:11 PM

Ya miss me yet?………….GWB

Herb on June 3, 2012 at 11:40 PM

So when oil prices go up, it’s Obama’s fault for not approving the Keystone pipeline.

Uppereastside on June 3, 2012 at 6:42 PM

Yes. He had an opportunity to increase the availability of oil to the United States. When a commodity is more easily available, the price falls. I understand you’re not up on economics that make a bit of sense, but I’ll do my best to help you keep up.

MadisonConservative on June 4, 2012 at 12:25 AM

You remember he took credit for increasing US extraction, right? You remember he took credit for ‘ending’ the Iraq War, right?

What do you think is going to happen when the above are combined?

Also remember, the oceans aren’t 50 meters higher because of him.

John Kettlewell on June 4, 2012 at 12:40 AM

Just to rub it in regular gas is $3.08 here

tmitsss on June 3, 2012 at 7:42 PM

That is over a dollar/gallon cheaper than where I live in SOCAL… and I don’t live anywhere near the beach…

Khun Joe on June 3, 2012 at 7:55 PM

I would guess TX is where it is $3.08
$3.43 here in MD Eastern Shore.

Steveangell on June 3, 2012 at 8:08 PM

Still about $3.29 out here in East Texas. It seems to be dropping pretty fast, though.

trigon on June 4, 2012 at 1:31 AM

We are awash in crude oil. Crude oil doesn’t mean much, we need refining capacity. The price of gasoline would come down considerably right now if we could get a couple of additional refineries on line.

crosspatch on June 3, 2012 at 6:55 PM

It would make more sense if the Federal government invested in some new refineries rather than the likes of Solyndra and these green company scams, wouldn’t it?

I’m not supportive of government doing such things generally (handing money over to private concerns), but in this case it seems that it could be something truly in the national interest and in the favor of consumers and business.

Dr. ZhivBlago on June 4, 2012 at 1:56 AM

No more Blood for Oil!

Booooosh! Neocons thglikkkans!!

/ Any leftist

CorporatePiggy on June 4, 2012 at 7:43 AM

… and gasoline is still WAY OVER $4.00 a gallon near my house in SOCAL…

Thx Obama…

Khun Joe on June 3, 2012 at 6:33 PM

The irony? Diesel prices (pump prices) in Venezuela, .01 per liter, or about 4 cents per gallon for diesel…12 cents at a marina, per gallon. It’a around $4.00-$6.00 per gallon (diesel) at a marina in the U.S.

We kid Obama about being a buddy of Chavez, at least he could have followed him in this one respect, drill baby drill…

right2bright on June 4, 2012 at 9:21 AM

There was an interesting, and highly nuanced, piece on NPR about the Iraq WMD fiasco recently. NPR no longer clings to the “Bush Lied” mantra that was so popular with the left. Instead, they say that Bush/Cheney, in their rush to war, “forced” the CIA to make a judgement call on Iraq’s WMD program using spotty intelligence and questionable sources. You see, it wasn’t a lie, but they demanded a black and white, definitive answer and the CIA was compelled to give one, even though there were multiple caveats.

BohicaTwentyTwo on June 4, 2012 at 9:40 AM

I have never understood why the Bush administration didn’t insist on a nice, fat royalty from the Iraqis on all the oil they sold, in return for freeing them from Saddam and giving them the framework of a representative government. At the beginning of the Iraq invasion I assumed that’s what we would do, but it never happened.

MrLynn on June 4, 2012 at 9:58 AM

Uppereastside on June 3, 2012 at 6:42 PM

It’s called SUPPLY AND DEMAND. Do you need my teenage son to come over and explain it to you? It’s basic economics.

[speaking really slowly for Uppereastside]

When the supply of a desired product drops, prices will naturally increase until they reach equilibrium. When the supply of a desired product increases, prices naturally tend to drop until they reach equilibrium.

Iraq is producing more oil and impacting the available supply of oil in the market. So prices are dropping.

Here’s an image to help you…

[simple chart of supply and demand]

dominigan on June 4, 2012 at 10:24 AM

Why doesn’t the US buy oil from Iraq ? Oh it was a war for oil. I get it now.

democratsarefools on June 4, 2012 at 11:17 AM

Oh, Jazz! My irony meter just pegged off the charts.

… and gasoline is still WAY OVER $4.00 a gallon near my house in SOCAL…

It was $3.879 near Obama’s home – Crook County Illinois, yesterday.

Seriously, Jazz – keep up the great work.

CiLH1 on June 4, 2012 at 2:37 PM

I have never understood why the Bush administration didn’t insist on a nice, fat royalty from the Iraqis on all the oil they sold, in return for freeing them from Saddam and giving them the framework of a representative government. At the beginning of the Iraq invasion I assumed that’s what we would do, but it never happened.

MrLynn on June 4, 2012 at 9:58 AM

Because the entire leadership, as well as most of the war supporters, fell for the NeoCon fantasy of nation-building. And demanding repayment didn’t exactly square with that worldview.

MelonCollie on June 4, 2012 at 8:33 PM

Maliki has a reputation of being Iran’s stooge. Iran has said that anyone moving in to fill the void left by the sanctions against Iranian crude will be seen as an enemy and be treated as such (mostly directed at Saudi Arabia.) So now Maliki’s Iraq has moved into that position. That’s a very big surprise, and pretty strange.

I wonder how Iraq will behave if Iran is attacked, militarily wise and oil sales wise.

AlexB on June 4, 2012 at 11:32 PM

Some stations in the upstate of SC hit $2.98 yesterday with the trend heading downward….

Just sayin’, Carry on.

starman on June 5, 2012 at 10:30 AM