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The 7 - Current Events & Politics - Russia linked with Oil for UN Security Council votes scandal Register and log in to post!
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StaggerLee
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#1 Posted on 16.5.05 1036.50
Reposted on: 16.5.12 1040.21
http://news.yahoo.com/news?tmpl=story&u=/washpost/20050516/pl_washpost/oil_for_food_benefited_russians__report_says


    Top Kremlin operatives and a flamboyant Russian politician reaped millions of dollars in profits under the U.N. oil-for-food program by selling oil that Iraqi leader
    Saddam Hussein allowed them to buy at a deep discount, a Senate investigation has concluded.

    The allegations -- which also include descriptions of kickbacks paid to Hussein -- are detailed in hundreds of pages of reports and documents made public last night by the Senate Permanent Subcommittee on Investigations in advance of a hearing tomorrow.


The article also points to some US businessmen who were involved in this as well.
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Guru Zim
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#2 Posted on 16.5.05 1315.26
Reposted on: 16.5.12 1315.45
It's interesting to think about this...

If the oil for food program was illegally providing oil into the marketplace at a lower cost (due to the illegal nature) to end providers, it probably was keeping the cost of gasoline down.

By going to war and ending the oil for food program, we have probably increased the amount of oil that US producers can legally purchase, but we have also increased the overall cost of oil in the marketplace.
Wolfram J. Paulovich
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#3 Posted on 16.5.05 1522.42
Reposted on: 16.5.12 1523.39
    Originally posted by Guru Zim
    but we have also increased the overall cost of oil in the marketplace.

Just as intellectual exercise:

You can then try to close the circumstantial circle by noting that: because U.S. agriculture is enormously dependent on petroleum to (a) produce the fertilizers and supplements needed to grow our food and (b) power the machines that plant, spray, harvest, package and ship our food, our food is also now more expensive. Both domestically and for export. Especially export, since that food is shipped on oil too.

Anyway, like I said, just an exercise.
Corajudo
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#4 Posted on 17.5.05 0946.16
Reposted on: 17.5.12 0948.05
If the oil for food program was illegally providing oil into the marketplace at a lower cost (due to the illegal nature) to end providers, it probably was keeping the cost of gasoline down.

By going to war and ending the oil for food program, we have probably increased the amount of oil that US producers can legally purchase, but we have also increased the overall cost of oil in the marketplace.


The key word is probably. The other question is over what time horizon. Also, you'd need to know the amount of oil sold under the program versus the total amount produced. If the amount Iraq can produce now (or at some point in the future) is greater than the amount sold under the program, then the price will drop (all else being equal). We'll never know the true impact on price because all else is not equal.

And, JTL, you can do that same intellectual exercise for virtually any other good produced because oil is an indirect or direct input for all of them (not to mention the impact on consumers' wallets from higher gas prices).
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