Despite White House denials, part of the reason we're in Iraq is to secure their oil supply. Ironically, it's our presence there that is driving up the cost of oil. In a short, but revealing article in The American Prospect, Robert Reich points out:
You see, oil prices are rising because speculators are betting on shortages to come. They see increasing instability in the Middle East including terrorism aimed at oil pipelines across the region. And they translate that into less oil to meet world market demand.
Click here to read the rest of what he has to say.
Another irony is that Bob Woodward's book reveals that the Saudis promised Bush to increase production before the election in order to improve his chances of reelection. And they're trying. OPEC is pumping out all it can, but with China's booming economy and our own recovery, supplies are squeezed. So even the Saudis can't help Bush out of this pickle he created for himself and for all of us.