America's North Shore Journal

Here’s a compelling piece by James Pethokoukis at the Capital Commerce blog on the U.S. News & World Report site. With oil prices continuing to plunge—and they may have a lot further to go—I’ve started wondering about this “what if” scenario: Where would oil prices be today had we abandoned Iraq to civil war and al Qaeda? What if President Bush had announced on Jan. 10, 2007, that instead of surging U.S. troops under the command of General Patraeus, he was ordering their withdrawal? Imagine if Iraq had descended in complete chaos and terror and genocide. Somalia or Rwanda on the Tigris and Euphrates, I guess. I agree with Pethokoukis. The prospect of dramatic instability in Iraq and the region would push oil prices well into the stratosphere. Oil is down 20% … Read entire article »