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That depends on how long the fighting lasts and how much damage Iraq's oil fields sustain. Even if a U.S. battlefield victory comes in just a few weeks--and there is no major sabotage to Iraq's oil fields--the country's production of 2.8 million bbl. a day is likely to shut down, perhaps for as long as three months. The oil fields will have to be checked for mines and other hazards before local workers and foreign experts can get down to business...
Iraq's proven oil reserves are conservatively estimated at 112 billion bbl. That's nearly five times larger than those of the U.S. and second only to Saudi Arabia's 262 billion. The Iraqi reserves could cover current U.S. imports for almost a century. Iraq has an additional 220 billion bbl. in probable deposits yet to be explored. All of that oil belongs to a regime that soon may not exist. So even though the U.S. confrontation with Saddam is about much more than oil, it's natural that Washington--and its allies and rivals as well as the people...
...closed-door meeting in Washington comes amid a frenzy of war preparations that has helped drive oil prices above $35 per bbl., from $20 a year ago. A one-third cutback in petroleum production by Venezuela, beset by a political crisis, has contributed to the price increase, leaving the U.S. more dependent on Middle Eastern crude. Americans are also weathering an exceptionally cold winter, which is boosting demand for heating oil. At the gas pump, the average price of regular unleaded gasoline is $1.53 per gal., up 43¢ from the price 12 months ago and 11¢ just since...
...source of this economic boom can be found buried beneath the nearby ocean floor, where foreign oil companies have found at least 500 million bbl. of high-grade crude oil. Production has jumped from just 17,000 bbl. a day in 1996 to more than 220,000 bbl. a day, and could grow an additional 50% within three years. The oil boom has fueled fantastic economic growth--65% last year, down to an estimated 25% this year--and pushed annual per capita income from $800 seven years ago to more than $2,000 today. The bonanza in Equatorial Guinea...
...island nation of Sao Tome and Principe, which sits on perhaps 4 billion bbl. of crude, is also attracting foreign oilmen. These upstart oil-exporting nations join such established giants as Nigeria, which plans to increase its daily output from 1.9 million bbl. to more than 3 million bbl.; Angola, which wants to double its almost 1 million bbl. daily output; and Gabon, which is encouraging more deepwater exploration to prop up declining production. All this action makes the waters off West Africa one of the hottest places for oil exploration in the world. Says Al Stanton, an oil analyst...