The main reason that Saddam Hussein’s nuclear program dwindled away after 1996 was that Saddam had run short of money with oil prices falling to $20 a barrel and less. (In 1998, the inflation-adjusted price of oil dropped to the lowest level since the Great Depression.) Iran decelerated its nuclear program at the same time, likely for the same reason. But the economic surge in China and India after 2004 pushed the price of oil back toward $100 a barrel. That surge would have happened, Iraq War or no Iraq War. What kind of force would Saddam have been in the region if his income had tripled or quadrupled? The glib conclusion that Iran emerged the true winner of the war does not stand scrutiny. As Iraq has stabilized since 2006, Iraqi oil production has accelerated. In 2012, Iraq produced more oil than in any year since before the first Gulf War. Iraq now numbers among the top five oil exporters. The extra oil capacity provided by Iraq has made it easier for European consumers to agree to stiffer sanctions on Iran. Once the world’s No. 3 oil exporter, Iran has now dropped out of the top 10 mag.newsweek/2013/03/18/the-speechwriter-inside-the-bush-administration-during-the-iraq-war.html
Posted on: Sun, 27 Oct 2013 21:46:19 +0000
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