Thursday, July 28, 2011
Exxon Mobil is throwing a party. Things were starting to lag a bit with the threat of Bush's oil wars winding down, but instead the war machine has thrown Exxon a big bone once again through war over oil rich Libya. In 2003 Bush/Cheney invaded the sovereign oil rich country of Iraq, whose oil was also nationalised. The oil stocks went into a frenzy and soared over rising oil prices, most of the big names tripling, quadrupling and quintupling their stock numbers within the year. The only problem? A dirty war with large scale death, destruction and chaos, with a staggering cost which is now threatening to crash not just the US, but the world economy as it did in 2008. Instead of ending Bush's tax cuts for Exxon and pals, Obama and Sec. of State Clinton have continued the Bush/Cheney policy of unilateral war for oil and this may be the tipping point for the US economy, which will have to pay for it.