Oil!
Fri Apr 11, 2008 at 03:48:39 PM PDT
I have been told that peace in the Middle East is vital to our oil supply, but I came by some interesting information yesterday thanks to the USDOE. About 21.2 percent of our imported oil is from that region, and it accounts for only 11.66 percent of our total oil consumption. Before we meddled in the quagmire that is Iraq, and it was not to fight terror, regular unleaded sold for less than $1.40 per gallon.
Imagine a sensible way to punish those responsible, such as an embargo on Saudi Arabia, origin of: 17.9 percent of our crude oil imports (9.8% of total consumption), as well as 19 of the 9/11 hijackers. An embargo may have increased the cost of fuel, though I would argue not by more than the ratio of the crude Saudi Arabia supplied to that of others. Conversely, maintaining demand in response to our embargo, OPEC would reduce prices to maintain production, resulting in decreased oil prices around the world. This is only an exercise in hypotheticals, an impossibility due to our ties with the Saudis as well as US oil companies, who would have undoubtedly cried foul. However, I would counter with another injustice. The Saudi's provide stipends to the families of "martyrs of the intifada," yet are not state sponsors of terror like Syria and Iran. Why do we have different rules for them? Because they are our friends? No. Because they are the good guys? No. Would an embargo against their nation be so unfair? We will not trade with Cuba because of their oppressive regime, but at least they allow women to drive and do not execute rape victims who cannot produce 4 Muslim men as witnesses. Which is worse?