Quote:
Originally Posted by Nick
If the US was indeed draining the swamp of the Middle East and accessing the oil, it would show up in numbers, import numbers.
Unless Iraq mysteriously moves up in the ranks of importers, it's pure speculation.
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Draining the swamp refers to terrorism not oil drilling.
Import numbers? Not really. You need to become familar with how the oil market functions - increasing supply even if you do not consume the oil yourself has the effect of lowering prices. So additional Iraqi oil flowing to Europe will free up supply elsewhere lowering prices. We cannot buy too much oil from Iraq - they only have one deep water port which is in poor shape from the years of embargo.