Topic: Iraq Oil

A US KC-135 refueling jet crashed in Western Iraq, resulting in the deaths of six American crew members. While the Pentagon states the crash was not caused by hostile fire, the event coincides with the deployment of 5,000 Marines to the Middle East. Tensions remain high in the Strait of Hormuz as Iran targets oil tankers, causing US gas prices to rise by nearly 70 cents a gallon.

Despite high production levels, global oil prices remain above $70 a barrel, which some attribute to artificial market sentiment. Exxon Mobil's stock price has significantly increased since the 2020 election, benefiting from current energy policies. Additionally, it is noted that Iraqi oil revenue is held in U.S. accounts, giving the United States significant leverage over the Iraqi government.

Boots-on-the-ground reports from Erbil describe the tensions surrounding the Kurdish independence referendum in Iraq. The conflict centers on control of the oil-rich Kirkuk region and the central government's refusal to recognize the Peshmerga as a formal military branch.

New York Times columnist David Brooks expressed profound disappointment on the PBS NewsHour regarding the performance of both candidates at the Commander-in-Chief Forum. Brooks specifically criticized Donald Trump's suggestion that the U.S. should have "taken the oil" in Iraq, labeling the idea as "moral idiocy" and a form of imperialism. He argued that such rhetoric ruins American credibility on the global stage.

A playback and critique of a 2006 NPR interview where then-Senator Joe Biden explains his plan for a federated Iraq. Biden discusses using oil revenue as an incentive for Sunnis to buy into a decentralized government, drawing parallels to the Dayton Accords in the Balkans.

State Department spokesperson Victoria Nuland is questioned by reporter Matt Lee regarding the lack of military intervention in Syria compared to Libya or Iraq. Nuland claims Syria lacks the "vast natural wealth" of Iraq, leading the hosts to conclude that the U.S. interest is strictly tied to a country's ability to pay for its own rebuilding via oil collateral.

A diplomatic row has erupted between the Iraqi government and UNESCO over an oil pipeline being constructed through the ancient city of Babylon. Archaeologists warn that the project is damaging cultural heritage sites and jeopardizing World Heritage status. The hosts mock the lack of regard for ancient Sumerian artifacts in the pursuit of oil infrastructure.

Ted Koppel reports from Iraq for NBC, highlighting the massive continued U.S. presence despite the official troop withdrawal. The discussion covers the role of private contractors, the rebranding of Blackwater to "Academy," and the strategic importance of Iraq's oil reserves.

In an interview with Neil Cavuto, Donald Trump advocated for a colonialist approach to foreign policy, suggesting the US should have taken Iraq's oil as the "spoils of war." The hosts criticize Trump's lack of historical perspective regarding the failures of the colonial era.

The hosts analyze the June 30th withdrawal of US troops from Iraqi cities, contrasting the media's focus with the simultaneous awarding of oil development rights. British Petroleum and China won the rights to develop the Rumalia oil field, a project Reuters estimates could yield $1.7 trillion in profit. They suggest the timing of the troop withdrawal was orchestrated to distract from the significant energy deals being finalized.

Major oil companies have finally secured contracts to develop oil fields in Iraq following the installation of a new government. Despite increased production potential, global oil prices remain high due to trading activity in London and Dubai. The European Commission has scheduled a report for October 2008 to investigate these market dynamics.