Good news from oilfields helps at pumps

More.. By Connie Cartmell, ccartmell@mariettatimes.com

Good news at the gas pumps this week is a direct result of good news in the southern deserts of Iraq as U.S. troops keep oil well fires at a minimum. Only about seven wells, of Iraq's reported 1,400 wells are burning.

"What has gone well in this war, so far, is that he (Saddam Hussein) has not done more damage to the oil fields than he has," said Robert Chase, chairman and professor of the petroleum engineering department at Marietta College. "That's why our gasoline prices have gone down."

Chase attributes the reduction to the same reason prices shot to $1.75.9 only a few weeks ago. It is the old adage, "Buy the rumor, sell the fact."

"This is exactly what the market has done," Chase said. "People thought that he would destroy the fields and disrupt supply. The fact is, it didn't happen and when it doesn't happen, the prices go down."

People also think most of American oil supplies come from the Middle East. Chase said this is also somewhat false in that most of U.S. oil is from Mexico, Canada, and Venezuela.

"We were buying some of their oil, I think to ensure money was going in went to the food program, to humanitarian needs, instead of to the military," he said.

Coalition troops secured most oil fields and wells in southern Iraq early on, likely quicker and more deliberately than Iraqi leadership anticipated. Chase even suspects special operations forces may have been on the scene even before war broke out to further ensure the wells were safe.

"I expect part of the reason Saddam wanted to blow up the oil fields was to go out in grand style," Chase said. "I know the people of Kuwait, and you would never see that happen in Kuwait. In fact, I don't think there's another person in the region, or world, would allow his own people to suffer so much, for his own gain."

Chase believes a "primitive mentality" is behind the brutality and mindset of Iraq's leadership.

Work will begin soon to put out the fires. Today's technology is making a major difference. Last time after Desert Storm there were 400 oil well fires in Iraq.

"We were ready for it this time," said Kean Weaver, president of Triad Resources Inc., of Reno. "The U.S. government anticipated this. Also, last time, because of the type of well heads, the large number of fires, and lack of technology, it was more difficult."

A graduate of Marietta College's petroleum engineering program in 1984, Weaver had visited the Middle East (Bahrain) and has an understanding of what it takes to put out a well fire. His company does oil and gas exploration and development in the region.

Both are confident the oil fields are under control.

"Clearly, Saddam Hussein is a detriment to the whole region," Weaver said. "If we want to maintain the lifestyle we enjoy today ... the oil supply must be defended."