The W
Views: 99094411
Main | FAQ | Search: Y! / G | Color chart | Log in for more!
21.9.07 0715
The 7 - Current Events & Politics - Russia linked with Oil for UN Security Council votes scandal Register and log in to post!
(323 newer) Next thread | Previous thread
User
Post (4 total)
StaggerLee
Scrapple
Level: 140

Posts: 2482/6295
EXP: 33019014
For next: 267473

Since: 3.10.02
From: Right side of the tracks

Since last post: 1 day
Last activity: 17 hours
#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.
Promote this thread!
Guru Zim
SQL Dejection
Administrator
Level: 139

Posts: 3388/6009
EXP: 31826950
For next: 640577

Since: 9.12.01
From: Bay City, OR

Since last post: 9 days
Last activity: 6 hours
AIM:  
#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
Frankfurter
Level: 56

Posts: 617/742
EXP: 1330249
For next: 67936

Since: 11.11.02
From: Fat City, Baby

Since last post: 2924 days
Last activity: 2294 days
AIM:  
#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
Frankfurter
Level: 58

Posts: 387/810
EXP: 1517920
For next: 59635

Since: 7.11.02
From: Dallas, TX

Since last post: 74 days
Last activity: 4 days
#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).
ALL ORIGINAL POSTS IN THIS THREAD ARE NOW AVAILABLE
Thread ahead: Giving the finger
Next thread: Class in America
Previous thread: I Like Chuck Hagel
(323 newer) Next thread | Previous thread
The 7 - Current Events & Politics - Russia linked with Oil for UN Security Council votes scandalRegister and log in to post!

The W™ message board - 7 year recycle

ZimBoard
©2001-2014 Brothers Zim
This old hunk of junk rendered your page in 0.19 seconds.