There is a lot being said in the media just now about any forthcoming war in Iraq causing the price of fuel to skyrocket.
I say WHY should this be the case ?
OK..I know that OPEC is controlled by the Arab, ( Moslem ), states, and that Iraq has the third greatest oil reserves in the world, but I cannot see why an attack on Iraq should have any real effect on the supply of oil to the refineries.
Iraq is under embargo at the moment, and the amount of Iraqi oil that is inserted into the world supply is so small just now as to be not worth counting.
As the OPEC countries can raise or lower output as they wish at the turn of a switch I see no reason other than politics for the world oil and fuel supplies being effected much by any conflict in Iraq.
Is it not the case that the OPEC countries simply enjoy holding the world to ransom over their oil supplies, and all that really interests them is the maintainance of their artificial support to the high price of oil at their wells.
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