Myth and reality

"The greatest thing to come out of this [the Iraq war] for the world economy, if you could put it that way, would be $20 a barrel for oil. That's bigger than any tax cut in any country."

- Rupert Murdoch, February 2003

"The benchmark US grade of light crude oil for October delivery dropped to $US68.94 a barrel, down US87c from its record high of $US69.81 a barrel set on Tuesday."

Los Angeles Times, September 2005

UPDATE: Greens Senator Kerry Nettle comments on the oil crisis and recent statements by billionaire Steve Forbes that should be listened to - but not for their accuracy.