China Pays Too Much for Oil in Iraq – $16 A Barrel!
Crude Oil
How much smarter is China than the US?
Well let’s see – The US has spent $1,000,000,000,000 fighting in Iraq and thousands of our soldiers have died and we have secured ZERO barrels of oil for ourselves. China was not part of the coalition of the willing but, for just $8.8Bn,they are getting 550 Million barrels of oil, almost the size of the US’s entire strategic petroleum reserve, through the purchase of Addax Petroleum, and 20% of those reserves are in Iraq . While Bush filled our reserve up “at any price” and became the single largest buyer of crude in the world, filling our SPR at a rate of 2-3Mb a week at times, China simply waited patiently on the sidelines and is now coming in and buying wholesale. That’s pretty smart!
China Pays Too Much for Oil in Iraq – $16 A Barrel! | Phil’s Stock World.
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