Tuesday, October 03, 2006

$100 Oil Bet Update

The "perfect storm" season has passed without $100 oil, so while I work on my concession speech, here are some optimistic observations about oil from Max Singer:
IN 1980 MOST EXPERTS agreed that oil prices could only go up. Following the panic of the Iranian revolution, the price spiked to more than $80 a barrel adjusted for inflation. I gained some notoriety at the time by publishing an article with William Brown, a Hudson Institute colleague, in the Wall Street Journal predicting that oil prices would fall in 1980 and that the 1980s would be a decade of decreasing, not increasing, oil prices. Indeed, the price fell sharply in 1980 and by the late 1980s the price had fallen to around $30 a barrel, and it dipped to around $20 in the late 90s.

Today there is a great chorus, in which New York Times columnist Thomas Friedman's voice stands out, calling upon the United States and other nations to radically reduce their oil consumption because, as Friedman and others contend, the world will soon run out. In the mean time, they say, our continued dependence on (or "addiction to") oil means a continued dependence on oil exporting countries--so many of which are run by less than democratic governments--and high energy prices of $70 a barrel, or more.

But a deeper understanding of the supply side and a longer term perspective of demand produces a different view. Between now and the middle of the century $30 is likely to be more typical of the price of a barrel of oil than $60. Most of the time sellers will be competing for buyers, not pushing them around. And the Arabs are
likely to have a smaller share of the market in the future, not a larger one. Before long the fear of Arab oil power is likely to seem unimaginably dated.

Two factors influence oil prices. First is the amount of oil in the ground. Second is the capacity of oil production and transportation facilities. Too few wells and pipelines create oil shortages, and therefore high prices, regardless of how much oil there is in the ground. For our purposes, "oil in the ground" refers to oil that investors think they can bring to market for less than $20 a barrel if things go near enough to plan. Capacity, on the other hand, refers to every element of the process from extraction to delivery, including the production of equipment associated with each element of that process.

So how much oil is out there waiting to be discovered? Chevron Corporation has been buying advertisements claiming that, "The world consumes two barrels of oil for every barrel discovered." Fortunately Chevron is only speaking the truth if you use an artificial definition of how much oil is being discovered. For example, Canada is now estimated to have 150 billion barrels of recoverable oil in their tarsands. Twenty years ago we couldn't produce that oil at competitive costs. Now we are producing a million barrels/day at a cost of about $15 each. In effect we have "discovered" 150 billion barrels of oil in Canada--more than the entire world used in the last five years--which Chevron doesn't count.


I'm still not as optimistic as Singer, and one reason is the bolded statement above. 150 billion barrels seems enormous, but it is only a 5 year supply for the world. Five years is not a long time.

Sunday, November 19, 2006

$100 Oil Bet Update: the Concession Speech

In order to save the blogosphere from a lengthy, drawn out controversy I hereby concede this bet to my worthy opponent, Michael Herdegen, aka Oroborous. The vote count just isn't trending my way:
Oil's price collapse, more or less
Are we heading back to $40 a barrel, and is talk of $100 crude now silly?
By Steve Hargreaves, CNNMoney.com staff writer
November 17 2006: 6:38 PM EST

NEW YORK (CNNMoney.com) -- Oil inventories are practically overflowing. No one believes OPEC. People are going jacketless in New York and it's nearly December.

It's no wonder crude prices tumbled five percent over the last two days, setting a new low for the year.

But does this mean we're headed back to the glory days of $20 a barrel oil, tossing predictions of $100 crude into the the same bin as Pets.com or Dow 36,000? Or is this a spot dip in prices caused by temporary conditions?

Most analysts think it's a temporary dip.

"I'm not ready to say there's a break down in oil prices," said Jan Stuart, an energy analyst at Fimat. "As yet, there's no real conviction behind it."
Dems versus oil, part 2

Stuart, like most experts, noted that for the last several months oil prices have been selling off when the front month contract comes due. The current front month contract for crude is December, which expires at the end of trading Friday.

When the contract comes due, investors either have to take delivery of their oil - 10,000 barrels of light, sweet crude - or sell it.

Traders Thursday said rising inventories had led storage facilities, mostly located in Cushing Okla., to fill up.

That leaves few options for speculators with limited storage facilities of their own - like investment banks.

Stuart said the January contract for crude is still trading in the $58 range, while London's Brent has similarly held up.

He didn't think oil would go much below $55. On the up side, Stuart said it's hard to see $100 oil, but added "the fact that we can still discuss it and not get thrown into the loony bin is an indication that not much has changed."


Game, set, match.

Sunday, November 13, 2005

The Oil Bet update: $100 or bust

Here are a few miscellaneous observations on my bet with Oroborous that crude oil (Light, Sweet) will reach a price of $100/barrel on or before December 31, 2006.

Last week, the Kuwait national oil company announced that the Burgan oil field, the world's second largest, has reached the peak of its production.

The peak output of the Burgan oil field will now be around 1.7 million barrels per day, and not the two million barrels per day forecast for the rest of the field's 30 to 40 years of life, Chairman Farouk Al Zanki told Bloomberg.

He said that engineers had tried to maintain 1.9 million barrels per day but that 1.7 million is the optimum rate. Kuwait will now spend some $3 million a year for the next year to boost output and exports from other fields.

However, it is surely a landmark moment when the world's second largest oil field begins to run dry. For Burgan has been pumping oil for almost 60 years and accounts for more than half of Kuwait's proven oil reserves. This is also not what forecasters are currently assuming.

Forecasts wrong

Last week the International Energy Agency's report said output from the Greater Burgan area will be 1.64 million barrels a day in 2020 and 1.53 million barrels per day in 2030. Is this now a realistic scenario?

The news about the Burgan oil field also lends credence to the controversial opinions of investment banker and geologist Matthew Simmons. His book 'Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy' claims that the ageing Saudi oil filed also face serious production falls.


You may also have heard optimistic news stories about the dropping oil price since a record price of $70/barrel was acheived in late August in response to hurricane Katrina. Some commentators see that the short term trend should bring the price to $50 or below. But if you go by the opinion of the large commercial traders in the crude futures market, you would think otherwise. The commercial traders, aka the "smart money", have built a net long position in oil that is their largest long position in two years. Commercial traders are those businesses that buy or sell oil as a part of their business, aka producers, refiners and distributors. They use the futures market to hedge their risks, and are generally net short as it is their business to sell oil. When the commercials go significantly long, it usually signals that a major upleg in prices will ensue in the very near term. Here is a link to a very informative audio interview with Larry Williams, an accomplished commodities trader, on the use of the Commitment of Trader's Report to forecast commodity prices.

Look for crude oil prices, as well as gasoline and home heating oil, to begin an upward trend within the next two weeks. If it is an unusually cold winter in the Northeast, as has been forecast, oil could take out it's $70 high by the end of January.

Tuesday, June 27, 2006

$100 Oil Bet Update

Things aren't looking good for the Duck:

The Energy Department just announced that crude oil supplies rose 1.4 million barrels to 347.1 million for the week ended June 16. Analysts had been expecting a drawdown, so this news caught them by surprise. More, crude oil supplies in the U.S. are now at their highest levels since May 1998, when oil was trading around $15 a barrel. Add in the fact that Canadian oil inventories are fully stocked, and the more imminent reality is of a sizable oil-price decrease — not a huge increase.

Recently I interviewed four oil-tanker executives who control a combined 85 percent of the oil coming into the United States. They confirmed market rumors that the amount of oil being stored on large carriers on the high seas is abnormally high. One of the CEOs even predicted the possibility of $40 to $50 oil in the next 6 to 12 months. In another interview, Chevron CEO David O’Reilly suggested that gasoline and energy demands have flattened in the U.S., and may be showing signs of decline.

Prince Turki can threaten $200 oil all he wants, but we may instead be looking at a downward correction that will have oil prices dropping more than anyone imagines possible. Supplies are at their highest levels in eight years, while demand appears to be falling, or at least leveling off. Should a significant price correction be in the offing, stock markets and the economy will cheer.

The economic principles at work here are very simple: Markets work. Supply and demand works. Higher prices are gradually slowing consumption. At the same time, those high prices continue to stimulate outsized profits and investment returns. So capital is pouring into all the energy sectors, providing a strong foundation for new energy production. Chevron, for example, is reinvesting virtually all its profits in new oil-and-gas exploration and drilling. The drilling industry, meanwhile, has recovered from last year’s Hurricane Katrina shock and is once again producing near peak capacity.

We still have the worst of the hurricane season ahead of us, but Oroborous' chances for a new book for Christmas are looking better.

NYMEX light, sweet crude is at $72.18, up .38.

Tuesday, April 18, 2006

$100 Oil Bet Update

Summer driving season has yet to commence, but oil is already threatening to surpass its all time high price on the NYMEX:

Light sweet crude for May delivery was trading up 15 cents at $70.50 a barrel on the New York Mercantile Exchange. The contract rose as high as $70.88 a barrel in electronic trading overnight, surpassing the previous record of $70.85 reached August 30, in the midst of a record hurricane season in the U.S.
"Iran is still the main driver," said Tobias Merath, an analyst for Credit Suisse in Zurich, which is forecasting oil prices between $65 and $72 in three months, with a level of $75 a barrel seen as the top.
The oil market is worried about the increasing tensions between Iran and Western governments seeking to pressure Tehran into halting its nuclear program.


The Iranian situation will not resolve itself very quickly. Look for escalating rhetoric on both sides to keep the market jittery for the rest of the year. Add to that the normal summer demand spike, and memories of Hurricane Katrina as hurricane season cranks up, and we could see $100 before Labor day.

Sunday, April 30, 2006

Oil Bet Update: the storm clouds gather

Storm clouds on the political and meteorological front are starting to spook the markets, says the Observer:

The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.

With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to £1 as he unveiled bumper $5.27bn profits for the first quarter.

Shell is also expected to announce close to record numbers next week, with analysts expecting profits around $5.57bn, driven largely by the oil price.

A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. 'If we have one more big problem we are going to have triple-digit oil prices.' Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.


When supplies are plentiful, such politial mischief-making by oil producers will only hurt themselves. But when they are tight, every oil state dictator with an axe to grind can command the attention of the world. In such times the fear multiplier will go off the charts. Never underestimate the fear factor.

Saturday, November 03, 2007

Right Bet, Wrong Year

It appears that my bet with Oroborous that oil would hit $100/barrel by December of 2006 was a year too soon:
NEW YORK (AP) -- The prospect of a stronger economy and word of possible new U.N. sanctions against Iran sent crude oil futures back above $96 a barrel Friday, while retail gasoline prices extended their own march higher.

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The Labor Department reported that employers boosted payrolls by 166,000 jobs in October, the biggest increase in months and double what economists had forecast. Meanwhile, October's unemployment rate held steady at 4.7 percent. Separately, the Commerce Department said factory orders rose 0.2 percent in September, better than the 0.4 percent decline analysts were expecting.

"It suggests that concerns about the economy ... are overblown a little bit," said Michael Lynch, president of Strategic Energy and Economic Research Inc., in Winchester, Mass.

Oil futures added to their gains late Friday when the British Foreign Office said the U.N. Security Council has agreed to draft a new sanctions resolution that could be passed in November if Iranian cooperation with the International Atomic Energy Agency does not improve. Investors worry that any conflict between the West and Iran would disrupt oil supplies from the Middle East.

Light, sweet crude for December delivery rose $2.44 to settle at a record $95.93 a barrel on the New York Mercantile Exchange after rising as high as $96.05 earlier, short of a trading record of $96.24 set Thursday. On Thursday, oil prices retreated from that early record to close down more than $1, in part because of dismal reports on consumer spending and industrial activity that also factored into the Dow Industrial's 362-point decline.

Crude prices are within the range of inflation-adjusted highs set in early 1980. Depending on the how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.


As they say, timing is everything.

Sunday, September 18, 2005

Daily Duck welcomes Oroborous, aka Michael Herdegen

Regular readers of the DD and the BrothersJudd blog will recognize Michael's prolific and insightful commentary on a wide variety of topics. I am pleased that Michael has accepted my invitation to join our editorial staff at the Daily Duck, and hope that you enjoy his wit and prodigious knowledge of technology as much as I have.

Michael and I have an open bet on the price of oil. I have bet him that oil will hit $100/barrel by the end of 2006. Stay tuned for our debates on oil and other economic trends.

Thursday, March 28, 2013

Nothing was not an Option

[This should have been entitled "18 Months Later, Tomorrow Comes". I don't know why this took so long to get to — for me, time is no excuse — particularly because this is a subject with which I have some first hand experience]

For those who opposed the war all along, first 9/11/11, then 3/20/13 were causes for fresh waves of nearly onanistic condemnations and toldjasos. Even initially hawkish editorialists, chastened by a decade of bleak experience, have engaged in hand-wringing attempts to explain their misjudgment. NYT Op-Ed page writer and executive editor Bill Keller epitomizes the latter group, and ultimately encompasses the former. Here are some representative (and highly edited for length) pull quotes from his mea culpa:

The question is really two questions: Knowing what we know now, with the glorious advantage of hindsight, was it a mistake to invade and occupy Iraq? And knowing what we knew then, were we wrong to support the war?

Broadly speaking, there were three arguments for invading Iraq: … humanitarian; … [promoting] democracy …; … and [WMD/regional security/explicit and implicit support of terrorism].

For many of us, the monster argument was potent, even if it was not sufficient. … We were, as Andrew Sullivan put it, “enamored of [our] own morality.”

But there are plenty of monstrous regimes that we do not go to the trouble of overthrowing. It should perhaps have caught our attention that Samantha Power, who literally wrote the book on humanitarian intervention (the Pulitzer-winning “A Problem From Hell: America and the Age of Genocide”) and who had endorsed armed intervention in Bosnia and Rwanda, and at an earlier time in Iraq, did not support the invasion of Iraq in 2003.

“My criterion for military intervention — with a strong preference for multilateral intervention — is an immediate threat of large-scale loss of life,” explained Power, who now advises President Obama on multilateral affairs and human rights. “That’s a standard that would have been met in Iraq in 1988 but wasn’t in 2003.”

The idea that America could install democracy in Iraq always seemed to me the most wishful of the rationales for war, although some people who knew the region far better than I made that case. … The exiled Iraqi academic Kanan Makiya — a proponent of invasion who later repented — observed that Iraq’s population was so traumatized by decades of abuse that they were unwilling to take initiative or responsibility …



The main selling point for war in Iraq, at least for the American public, was that Hussein represented a threat to American security. But what kind of threat, exactly?

The following couple paras contain, more begged questions than there are sentences.

Iraq was not, as Afghanistan had been, the host country and operational base of the new strain of Islamic fascism represented by Al Qaeda. It is true that Hussein hosted some nasty characters, but so did many other dictators hostile to America. At the time, Iraq was one of seven countries designated as sponsors of terrorism by the State Department, and in the other six cases we settled for sanctions as recourse enough. And his conventional military — what was left of it after it was laid waste in the deserts of Kuwait and Iraq in 1991 — was under close supervision.

That leaves the elusive [WMD]. We forget how broad the consensus was that Hussein was hiding the kind of weapons that could rain holocaust on a neighbor or be delivered to America by proxy. He had recently possessed chemical weapons (he used them against the Kurds), and it was only a few years since we had discovered he had an active ambition to acquire nuclear weapons. Inspectors who combed the country after the first gulf war discovered a nuclear program far more advanced than our intelligence agencies had believed; so it is understandable that the next time around the analysts erred on the side of believing the worst.

We now know that the consensus was wrong, and that it was built in part on intelligence that our analysts had good reason to believe was cooked. … A few journalists — notably Jonathan Landay and Warren Strobel of Knight Ridder newspapers — emphasized conflicting intelligence that questioned Hussein’s capabilities. But assuming we couldn’t know for sure, what would have been acceptable odds? If there was only a 50-50 chance that Hussein was close to possessing a nuclear weapon, could we live with that? One in five? One in 10?

...

In 1992, after driving the Iraqi army out of Kuwait, Defense Secretary Dick Cheney mused on the calculus of war. Why, he asked an audience in Seattle, had the United States not pursued Hussein’s forces all the way to Baghdad and removed him from power? Because, Cheney said, that would have committed the U.S. to an unacceptable long-term occupation, and it would have meant more American casualties. “The question in my mind is, how many additional American casualties is Saddam worth?” Cheney asked at the time. “And the answer is, not that damned many.”

Of course, Cheney wasn’t so cautious the second time around. Along with the arguments that he and many others made after 9/11 came some insufficiently considered assumptions: that we were competent to invade and occupy Iraq without making an awful mess of it and that we could do it at a cost — in lives and money — that we could live with. In the end, the costs were greater than anyone anticipated because of calamitous mistakes in execution.

Just consider the numbers. In the short-lived first gulf war, 148 Americans died in battle. In the current war, the toll so far is nearly 4,500 American dead and 32,000 wounded. At least 100,000 Iraqis, most of them noncombatants, have been killed. A war and occupation estimated to cost $100 billion over two years has already cost eight times that amount.

...

Our occupation of Iraq has also distracted us from Afghanistan, furnished a propaganda point for Al Qaeda recruiters and limited the credibility of our support for independence movements elsewhere. It is worth mentioning, too, that our moral standing as champions of civil society has been compromised by the abuses of Abu Ghraib and rendition and torture, byproducts of the war that will long remain a blot on our reputation.
Where does this leave me? The world is well rid of Saddam Hussein. But knowing as we now do the exaggeration of Hussein’s threat, the cost in Iraqi and American lives and the fact that none of this great splurge has bought us confidence in Iraq’s future or advanced the cause of freedom elsewhere — I think Operation Iraqi Freedom was a monumental blunder.

Clearly, then an open and shut case that Iraqi Freedom was not only a mistake in hindsight, but in foresight, as well.

Right?

Not so fast. Despite the length of this exercise in self-flagellation, Mr. Keller, who I am using as a proxy for essentially the entire anti-war left, either is incapable of comprehending, or elides, the central, inescapable problem: nothing was not an option.

It was not a matter of Operation Iraqi Freedom or [crickets]. Yet that is precisely the notion Mr. Keller portrays. Despite his seeming expertise, he scarcely spent a moment on the status quo ante, or the various actors involved in it. The decision to depose Saddam did not have a nullity as its alternative.

My goal here is to lay out briefly, yet in sufficient detail, the status quo ante in the hope of demonstrating that, like in so many aspects of international relations, there were no good options. The choice wasn't between deposing Saddam and crickets, but more like having to pick either the devil or the deep blue sea.

The Status Quo Ante

Contra Mr. Keller, there were several reasons the US didn't extend Desert Storm to a full scale invasion of Iraq. Most obvious should be that we could do only what was politically possible, and, given the nature of the coalition, continuing the march to Baghdad probably wasn't. Beyond that, Keller failed to consider the obvious influence on decision makers at the time: it is generally pointless to kill someone who is in the process of committing suicide. Between the considerable political risks and the seeming likelihood that Saddam wouldn't long survive the Kuwaiti debacle, it seemed a fair bet to be satisfied with limited, rather than absolute, objectives.

Unfortunately, Saddam's hold on power was firmer than we imagined. Which left us with:

  • Southern Watch, the long term, large scale air operation based primarily in Saudi Arabia to stop Saddam's bombing attacks on Shia in Southern Iraq.
  • Northern Watch, a similar operation to protect the Kurds in Northern Iraq.
  • Ongoing futile attempts to ensure Saddam's compliance with WMD inspections, which led to a series of UN Security Council resolutions promising severe consequences in the event of continued defiance.
  • The Oil for Food program (OFF), which was established to stop Saddam from re-establishing his military, while not causing additional suffering among the Iraqis themselves.
  • The French, Chinese and Russians were actively using OFF to undermine the sanctions.
  • Massive UN corruption related to OFF was causing what had previously been thought unimaginable: further besmirching the UN's reputation.
  • Saddam was actively funding Palestinian suicide bombers
  • Saddam was also routinely shooting at coalition aircraft enforcing the southern and northern no-fly zones.

This list could go on, but it should be sufficient to support this conclusion: the sanctions regime and aerial occupation of the northern and southern thirds of Iraq, which had gone on for a decade, had reached a dead end — something was going to replace it. This is the critical issue that Keller (et al) never grasped: it wasn't a matter of invasion or nothing. Hand wringing over the human and financial costs of deposing Saddam is an empty exercise. Of course it cost more than nothing. Of course the knock-on effects were worse than nothing. But nothing was not an option. Some course of action had to replace the no-fly zones and the sanctions regime. It is against the other possible courses of action that the costs of invading Iraq need to be compared. The choice was binary: either invade, or quit the field. It is against the latter option, and its likely consequences, that we need to weigh Operation Iraqi Freedom. Obviously, there is no rewinding the tape and trying that alternative on for size. But when assessing almost any decision, whether a foreign policy decision or driving to the movies, we have to weigh the pros and cons of what we did against the foreseeable pros and cons of what we didn't. Fully caveated, here are some of the consequences of the only alternative on offer:
  • Islamist Psychology.
    • Shortly after 9/11, bin Laden asserted to his Muslim audience that the West in general, and the U.S. in particular, had a rotten and degenerate culture that no longer had the will to fight for its own survival.
    • Similarly, (I can't recall his exact words) he also proclaimed that the Muslim world would follow the strong horse.
    • Therefore, we should expect that quitting the field would have had a profound effect on the entire Muslim world. Not only could the US and the West be defeated, the fact of its defeat meant it was ripe for further attack. "Angering the Arab Street" was practically a cliché a decade ago, but, thankfully, is scarcely heard anymore. That, supposedly, recruited terrorists. Possibly, but nothing like our defeat would have done. Also, a reasonable conjecture as to why we no longer hear the "Arab Street" cliche is that the predictions the term entailed never came to pass.
  • Countries in the region.
    • Saddam would have been free to fully reconstitute his military.
    • Saudi Arabia would have been further radicalized, and we might very well have had to abandon our bases there.
    • All the countries in the region would have had to make some accommodation to the new "correlation of forces" (a term not much heard since the 1970s with respect to communism, but appropriate here). None of those accommodations would have been in our interest, because they would have meant allying themselves with either Iran or Iraq.
    • Saddam's Iraq was Iran's mortal enemy. A resurgent Iraq would have guaranteed Iran pursuing a nuclear weapons program as energetically as it possibly could, because Iraq would have been doing so itself.
The only alternative on offer to invading Iraq was bound to carry significant "correlation of forces" costs — the entire region would find itself concluding that Islamism was the strong horse. All the countries around Iraq and Iran would find themselves forced to accommodate one or the other, which would have meant turning their backs on us.

The parade of horribles gets worse. The inevitable military competition between Iran and Iraq, which must be expected to include nuclear weapons, must also have been expected to lead to yet another war. Why do I say inevitable? Because, with the inescapable shift in the correlation of forces, the US's ability to step in would have been severely eroded, if not destroyed altogether. The consequence should be obvious to anyone with the temerity to look: a Hobbesian security dilemma.

It is here where the downside risks really start mounting. Imagine a conflict that closes the Straits of Hormuz for, say, three months. The economic and human costs are almost incalculable. It is that possibility against which Keller et al need to judge whether Operation Iraqi Freedom was worth all its consequences.

Now, it is entirely possible to disagree with elements of the preceding précis, or specifics of the results, or weigh the possible outcomes differently. However, it is an illuminating exercise in journalistic incompetence and analytical malfeasance to engage in post-hoc hand wringing without once taking on board the strategic situation and the limited options it presented. Moreover, Keller et al never seem to discuss several (albeit almost certainly unintended) positive outcomes of invading Iraq, beyond Saddam's elimination:

  • Until the surge, Islamists had their run of post-invasion Iraq. Their fundamentalist certainty led them to an orgy of murder that has gone some way to weakening Islamism everywhere.
  • The internecine warfare between Sunni and Shia (which Saddam's rule had baked in, and would have happened eventually, regardless of our invasion) has had the consequence of reducing the extent of Muslim religious certainty. Considering what the aftermath of 9/11 was supposed to look like, it should be amazing how few, and small, attacks against the West have been. It is too early to declare victory, but there can be no doubting that violent Islamism is on the wane.
  • The Islamist notion that the US is too decadent to fight is dead, and its passing must have had an impact on Islamist decisions to conduct further attacks against the West.
  • Gaddafi's ceding Libya's nuclear weapons program
Strikingly, no one (well, excluding the Galloways among us), no matter how fervently they opposed Operation Iraqi Freedom, wishes Saddam still in power.

You would think they might explain in some depth why that is.