Delta4Embassy
Gold Member
- Dec 12, 2013
- 25,744
- 3,045
"Immediately after the Iraqi invasion, I ordered an embargo of all trade with Iraq and, together with many other nations, announced sanctions that both freeze all Iraqi assets in this country and protected Kuwait's assets. The stakes are high. Iraq is already a rich and powerful country that possesses the world's second largest reserves of oil and over a million men under arms. It's the fourth largest military in the world. Our country now imports nearly half the oil it consumes and could face a major threat to its economic independence. Much of the world is even more dependent upon imported oil and is even more vulnerable to Iraqi threats.
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I will ask oil-producing nations to do what they can to increase production in order to minimize any impact that oil flow reductions will have on the world economy. And I will explore whether we and our allies should draw down our strategic petroleum reserves. Conservation measures can also help; Americans everywhere must do their part. And one more thing: I'm asking the oil companies to do their fair share. They should show restraint and not abuse today's uncertainties to raise prices.
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Address on Iraqs Invasion of Kuwait (August 8, 1990)
George H. W. Bush
Address on Iraq?s Invasion of Kuwait (August 8, 1990)?Miller Center
Anyone who claims operations in Iraq now are about anything but oil is either deliberately lying, or ignorant.
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I will ask oil-producing nations to do what they can to increase production in order to minimize any impact that oil flow reductions will have on the world economy. And I will explore whether we and our allies should draw down our strategic petroleum reserves. Conservation measures can also help; Americans everywhere must do their part. And one more thing: I'm asking the oil companies to do their fair share. They should show restraint and not abuse today's uncertainties to raise prices.
...
Address on Iraqs Invasion of Kuwait (August 8, 1990)
George H. W. Bush
Address on Iraq?s Invasion of Kuwait (August 8, 1990)?Miller Center
Anyone who claims operations in Iraq now are about anything but oil is either deliberately lying, or ignorant.