Iraq and the price of gas
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Iraq, despite having the third highest proven oil reserves in the world, is now actually importing refined products. From a peak production of 3.5 million barrels a day in 1990, Iraq's production fell to 1.4 million in 2005. At a time when they could be relieving world supplies they are struggling to meet their own needs. Insurgent attacks and sabotage, corruption, gross mismanagement, theft of oil, government confusion -- all part of the chaos visited upon the country by the Americans and their allies -- have brought the industry to its knees.
Inasmuch as high gas prices contribute to conservation, they are a good thing. It just seems a little unfair to have one people bear so much of the burden.
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