Every American that has been squeezed by high prices at the pump knows that oil, like all commodities, is subject to the forces of supply and demand. Over the past two decades prices have lurched upwards despite the addition of countless drilling points and refineries. Many of these global supply sources are simply too small to meaningfully affect the price of oil. That could change, however, with the addition of Iraqi oil to market. Iraq sits atop 115 billion barrels of proven oil reserves (the world's 3rd largest, behind just Saudi Arabia and Canada) but has been unable to tap more than 2 million barrels a day the last decade due to disturbances from war. But with added stability comes the foreign investment critical to developing a successful oil infrastructure.
For those interested in the future of the energy sector (and casual Americans interested in low oil prices) its crucial to understand a little about the development of the Iraqi oil sector. For more information check this out: http://money.cnn.com/2010/01/12/news/international/iraq_oil/index.htm Here 's a great article on China and its role in oil field acquisition: http://money.cnn.com/2009/08/17/news/international/china_oil/index.htm?postversion=2009081707
