Peak Oil Passnotes: Zarqawi Don’t Drive

So Zarqawi is dead, oil drops by a buck and a half and suddenly the world seems a great place again. Not.

If ever there was a pointer to the underlying fundamentals of the oil and products market right now it was this one incident. Zarqawi had supposedly been the head of Al-Qaida in Iraq, although the whole idea of Al-Qaida even having a head seems faintly ridiculous to those who have studied the transient grouping.

When he is killed in the US bombing raid the mainstream media, and the various interested politicians, trumpet this as some kind of huge success. Sure he may well have done some very bad things, but he is not the cause of Iraq’s collapse. That is something rightfully shared out between Saddam, President Bush, Prime Minister Blair, all of Saddam’s previous supporters from France, Russia and China to the USA and all the conniving middle eastern governments you can think of. As well as the self-serving malcontents who make up the laughable attempt at a government now in Baghdad.

Zarqawi was a bit part player who came in at the end with a penchant for self-publicity and bloodshed. Like so many other players in the region. But his death drove down the price of crude landing thousands of miles away in Cushing.

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