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Was Iraq invaded to boost oil prices? Value of Exxon reserves rose by $666bn

Iraq was invaded in order to limit its oil production and thus keep world oil prices artificially high, a noted investigative journalist reports.
“Iraq’s output in 2003, 2004, and 2005 was less than produced under the restrictive oil-for-food program,” writes Greg Palast in his new book Armed Madhouse (Plume). Oil-for-food allowed Iraq to sell 2 million barrels per day during the 1995 to 2003 period.

“Whether by design or happenstance, this decline in [Iraqi] output has resulted in tripling the profits of the five US oil majors to $89 billion for a single year, 2005, compared to pre-invasion 2002,” Palast writes.


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