I write this editorial in context of the ongoing food and financial crisis that the world is reeling under and coupled with other reasons how the United States had been instrumental in creating this global catastrophe. It all started in March of 2003, when President George Bush’s Administration decided to engage Iraq, to capture those ‘WMDs’ which the Late Saddam Hussain possessed. At that time oil prices were hovering around USD 25-30 per barrel and everything seemed to be in order as far as the economics of energy was concerned. And then Iraq happened, and with it changed the global oil economics forever. Till date, Iraq has cost the US upwards of USD 2 trillion but worse than that has been the effect that Iraq engagement had on the global oil prices, throwing everything off balance. Five years since Iraq (the second largest oil supplier in the world) went into war, and as a result all supplies got disrupted from there, oil now trades at USD 100 per barrel!! And this cataclysmic rise...
Dr. Arindam Chaudhuri
(An IIPM Think Tank Blog)