|
It sounds like a misunderstanding of how crude oil works. The oil that comes out of the ground in Iraq is different than the stuff that comes out in Texas or the North Sea or etc. They require slightly different refining methods... the stuff out of M.E. is supposed to be higher quality ("light sweet crude", with low sulfur content) and thus easier to refine. But all stuff called crude oil can be refined to produce petrol/gasoline.
It may be that US refinieries are not equipped to handle Iraqi crude oil for some reason, like there's a substance in it that they don't remove. But it doesn't matter because if SOME refinery somewhere can refine it, it has the same economic value to the world. (You may be allergic to peanuts, but the fact that peanuts are sold cheaply, lowers the price of cashews that you aren't allergic to.)
|