For the past several years, I've always kept my ear to the ground, as they say, regarding the worldwide and domestic oil industry. As Americans and other First World citizens, nothing affects us more than the world oil markets, whether you realize it or not. If the cost of oil goes up, the cost of *everything* goes up. When oil prices drop, you and I end up with more money in our pockets. I don't have the time nor the inclination to go into a whole macro-economics lesson, but it's as true as the sun rising in the east. Oil drives the engine of our Republic. Without oil we are screwed. Fortunately, oil is cheap and plentiful--available from numerous sources both foreign and domestic.
While catching up on my required reading this week, I found this very interesting article about how Saudi Arabia is waging an economic war on Iran, and the biggest beneficiary of this, happily, is the United States. A side note, that isn't mentioned in the article, is that when things like this happen, it really puts the screws to Venezuala, also. Hugo Chavez is trying to turn that country into another Cuba, but if the price of oil keeps dropping, he's going to be broke. There is plenty of civil unrest in that country, and if things get worse for him, he might find himself hung from a pole and paraded through the streets of Caracas before too long.
One can only hope.
Anyhow, if the Saudi Oil War against Iran doesn't work, I found this article to be most interesting.
While I think we're actually slowly getting the job done in Iraq, regardless of what I hear on CBS/ABC/NBC et. al, I have to agree with the John Derbyshire approach to conflicts in the middle east:
Rubble doesn't make trouble.
Let's hope it doesn't come to that.
Mikey
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