Wednesday, October 16, 2002

I get tired of listening to politicians, pundits, and the media talk about America's dependency on Middle East oil. There's no such thing. Not because some people like to argue America only gets a small percentage of its oil from the Middle East, but because oil is a commodity sold with a world-market price. Whether or not America gets its oil from the Middle East, America wants the Middle East to pump as much oil as possible, because the greater the supply of oil, the cheaper oil is everywhere, regardless of the source. It simply doesn't matter where America gets its oil.

I found a good primer on oil economics in regards to war in the Middle East in an interview with economist and historian Daniel Yergin. It isn't complete, but it's a quick read.