McCain: Your children are dying to protect high oil prices for Saudi Arabia

My friends, I will have an energy policy that we will be talking about, which will eliminate our dependence on oil from the Middle East that will - that will then prevent us - that will prevent us from having ever to send our young men and women into conflict again in the Middle East.

On paper, Iraq, at 112 billion proven barrels, has the second largest reserves in OPEC after Saudi Arabia. That does not make Saudi Arabia happy. Even more important is that Iraq has fewer than three thousand operating wells... compared to one million in Texas.

That makes the Saudis even unhappier. It would take a decade or more, but start drilling in Iraq and its reserves will about double, bringing it within gallons of Saudi Arabia's own gargantuan pool. Should Iraq drill on that scale, the total, when combined with the Saudis', will drown the oil market. That wouldn't make the Texans too happy either.

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Big Oil, whether in European or Arab-OPEC dress, has done its damned best to keep Iraq's oil buried deep in the ground to keep prices high in the air.


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Iraq's output in 2003, 2004 and 2005 was less than produced under the restrictive Oil-for-Food Program. Whether by design or happenstance, this decline in output has resulted in tripling the profits of the five U.S. oil majors.

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