The war for oil theory

It was well said that the first casualty in war is the truth. The war in Iraq has resulted in a blitz from the foreign policy experts who substantiate that saying with their “war for oil” theory. A view which is also shared by the majority of Arabs. A recent public opinion survey showed that 75 percent of Arab respondents believe that the main motives of U.S. policies in the Middle East are “oil, protecting Israel, dominating the region and weakening the Muslim world”.

It was recently reported that the current cost of the war in Iraq for the Bush administration was around ½ billion USD. A figure that is likely to climb to USD$1-2 trillion according to economics professor, Joseph Stiglitz, and Harvard budget expert Linda Bilmes. So we are to believe that the Americans are spending hundreds of millions, perhaps trillions in the long run, to gain control of Iraqi oil fields which are not worth anywhere near that amount? Really now.

Depending on which study you believe, we have anywhere between 40-95 years worth of oil left. Therefore, as oil gets more scarce and expensive, alternative energy sources will become more attractive. Since 2001, the Americans have spent close to USD$10 billion on alternative energy sources. The oil age will eventually come to an end. As Sheik Yamani said, “… but not for lack of oil, just like the Stone Age came to an end, but not for lack of stone.” John Hawkins aptly sums up the oil for war theory this way, “It’s really nothing more than a bumper sticker slogan that through parrot-like repetition has managed to impress liberal partisans, people who don’t like Bush, and those who don’t really understand foreign policy.”