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Rakesh,
You bring up interesting questions. I have one of my own:
Suppose, just as a hypothetical, that the western economies all in unison
overnight quit buying mideast oil supplies? Instantly. Total boycott.
I can guess the objections that might be offered about our dependence on
their oil, etc. But bear with me and consider the proposition.
Those suppliers have one, ONE, product, and no other natural resources or
economic substance of any kind. The western economies have all the other
natural resources, and lots of oil besides. Yes there would be supply
disruptions, and inconveniences to the west, but the mideast oil producers
would all experience total disruption of the only product they can sell.
What will they do with all the oil they have to pump to keep the machinery
working? Fill up 5 liter petrol cans and line them up alongside their roads?
A little tactical enforcement of their economic isolation, like sinking all
the oil tankers that insist on filling up at their docks, and cutting off
the pipelines, may eventually cause them to show up, hat in hand, looking
for a deal.
There is plenty of oil available to the west, and the revenue that the oil
sheiks suddenly don't receive will strengthen the western economies. I am
willing to put up with the inconvenience of buying oil from Russia and
Argentina and North Sea and Mexico and Alaska and California and whobody
else is producing oil in the west.
Like the man said, either they are for U.S., or they are for the terrorists.
Michael
PS: It is easy to guess why it won't work, in a reactionary way, but how
might it work, actually?
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