Iraq Invasion: Beginning of the Age of Oil Scarcity?

Production tumbles in post-Hussein era as more countries vie for shrinking supplies.

Published: 23-Mar-2005

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Instead of inaugurating a new age of cheap oil, the Iraq war may become known as the beginning of an era of scarcity.

Two years ago, it seemed likely that Iraq, with the world's third-largest petroleum reserves, would become a hypercharged gusher once U.S. troops toppled Saddam Hussein. But chaos and guerrilla sabotage have slowed the flow of oil to a comparative trickle.

The price of crude on global markets hit an all-time record Friday, and oil experts say U.S. consumers are likely to keep feeling the pinch.

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