U.S. influence on the Iraq Oil Economy Essay Example | Topics and Well Written Essays - 2000 words

U.S. influence on the Iraq Oil Economy - Essay prototypeThe importance of the Iraqi crude embrocate in the context of establishing American stronghold over global miserliness and its possible implications on the political scenario of the world has been discussed in detail.The paper focuses on the US influence in shaping the oil economy of Iraq. An attempt has been made to analyze the interest of the US in the oil resource of the country.The steps taken by the present US administration to monitor the oil application has also been discussed in detail. How successful are they in establishing themselves as a global power the scopes offered by the present political sensitivity in Iraq. The paper also evaluates the importance of the Iraq oil industry as a significant energy resource, benefiting industries worldwide.Oil constitutes one of the major economy sources of Iraq, the amount of oil present in the Persian gulf region, has lured many world powers to establish their stronghold. Controlling the resources commanded a power (economical and political), which established its identity element has a reigning world power.After Saudi Arabia, Iraq has the largest oil reserve in the world. Researchers of the field are of the faith that there are more potential oil reserves, estimated to be approximately 200 billion put of high quality crude oil. Statistics show that the production of oil in Iraq has remained consistent since 1980, with an estimated production of 2.5 gazillion put per day. In comparison the consumption carve had hardly risen over the 0.5 million barrels per day estimated in the blend in two decades.... Experts take a shit estimated that the oil reserves of Iraq will not wry up for at least 5 more centuries, as compared to the oil source of the US (estimated to last for no more than a decade).BACKGROUNDThe US monopoly on the global oil industry started with the nationalizing of the British Petroleum in 1953, after the dissolve of the Dr. Muhamm ad Mosaddeq lead government in Iran. Safeguarding the interest of the US multinationals and accommodate any imperialism. The US continues to maintain a stronghold on the oil resources of the Gulf region always since. Oil contributes to 95% of Iraqs economy. At a rate of 2.5 million barrels per day, experts evaluating the economic potential shed estimated the figure to rise to 3.5 million barrels per day. (US to Take Bigger Bite of Iraqs Economic Pie, 2004) The Persian Gulf constitutes about 30 percent of the oil produced worldwide but nearly 70 percent of the fit oil reserve of the world also constitutes that of the region. So in the event of any global oil crisis this is the sole(prenominal) region that will meet the demands for oil. Controlling this highly profitably resource would not only prove to be beneficial for any country, which wishes to establish its power on the world. But it would also add-on the chances of boosting the economic status of the respective nation. So t he US interest in this highly profitable run a risk is well established (The US invasion of Iraq Oil, the Mother of all Factors, 2005)Experts analyzing the reasons for the invasion of Iraq by the US have formulated an opinion that it is perhaps the oil resource of the country that propelled the attack from the US forces. The opinions are slackly based on the Project for the New American Century (PNAC)-Rebuilding Americas