The Oil 'Price Rise' Factor in the Iraq War: A Macroeconomic Assessment
15 Pages Posted: 4 Jun 2008
Date Written: June 2008
Abstract
I start with the premise that the war on Iraq was undoubtedly about oil. The prize was Iraq's spectacular oil wealth estimated at 330 billion barrels of proven, semi-proven and probable oil reserves. At current oil price of $130/barrel, the value of these reserves is estimated at $42.9 trillion, more than three times the United States' gross domestic product (GDP). Even Alan Greenspan, the former chairman of the US Federal Reserve Bank for seventeen years, says the Iraq war is largely about oil.
Keywords: Oil, War, Macroeconomic
Suggested Citation: Suggested Citation
Salameh, Mamdouh G., The Oil 'Price Rise' Factor in the Iraq War: A Macroeconomic Assessment (June 2008). Available at SSRN: https://ssrn.com/abstract=1140333 or http://dx.doi.org/10.2139/ssrn.1140333
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