We’ve been using up our Strategic Petroleum Reserve since the start of the Venezuelan strikes. Can’t have that happen when we’re building up to war, so the big oil companies (Chevron, Exxon, BP and Shell) have doubled their imports from — you guessed it: Iraq!
Bizarre isn’t the word for it. Everytime I think I’m being just a little too cynical, something like this pops up to reassure me that I’m not being cynical enough. After all, late last week, our military “leaked” the info that protecting the Iraqi oilfields is a priority in battleplans. And then there’s the whole issue of deciding who gets to run the oilfields after Mr. Hussein has gone to his just rewards (or to Despotamia).
All in all, I can’t see it being a bad time for the owners of oil company stocks.
