Our guest blogger is Scott Lilly, a Senior Fellow at the Center for American Progress Action Fund.
Last week, in a fiery exchange with a producer from Fox News’ The O’Reilly Factor, Bill Moyers challenged Rupert Murdoch’s 2003 prediction that the Iraq war would lead to a decrease in global oil prices:
Wait a minute, wait a minute, wait a minute—to support the Iraq war, Rupert Murdoch said the best thing that will come out of the Iraq war will be gasoline at $20 a barrel. Now, today, when I came here, I looked, and it was $130-something. When is Rupert going to explain why the war didn’t give us $20-a-barrel oil?
A study of U.S. crude oil expenditures as a percentage of GDP demonstrates Murdoch’s folly. Not only has the world not benefited from “cheaper oil,” but prices are now at an all time high:
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