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Petrodollar Warfare (PDF)
Oil, Iraq and the Future of the Dollar
The invasion of Iraq may well be remembered as the first oil currency war. Far from being a response to 9-11 terrorism or Iraq's alleged weapons of mass destruction, Petrodollar Warfare argues that the invasion was precipitated by two converging phenomena: the imminent peak in global oil production, and the ascendance of the euro currency.
Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil. Iraq, possessing the world's second largest oil reserves, was therefore already a target of U.S. geostrategic interests. Together with the fact that Iraq had switched its oil payment currency to euros-rather than US dollars-the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency."
Meticulously researched, Petrodollar Warfare examines U.S. dollar hegemony and the unsustainable macroeconomics of "petrodollar recycling," pointing out that the issues underlying the Iraq war also apply to geostrategic tensions between the U.S. and other countries including the member states of the European Union (EU), Iran, Venezuela, and Russia. The author warns that without changing course, the American Experiment will end the way all empires end-with military over-extension and subsequent economic decline. He recommends the multilateral pursuit of both energy and monetary reforms within a United Nations framework to create a more balanced global energy and monetary system-thereby reducing the possibility of future oil depletion and oil currency-related warfare.
A sober call for an end to aggressive U.S. unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy.
William Clark has receieved two Project Censored Awards, first in 2003 for his ground-breaking research on the Iraq War, oil currency conflict, and U.S. geostrategy, and again in 2005 for his research on Iran's upcoming euro-denominated oil bourse. Censored 2004: The Top 25 Censored Stories, (Steven Stories Press, 2003). He is an Information Security Analyst at Argosy Omnimedia, and lives in Rockville, Maryland.