Oil and Business: Why Korea Went to War.

On the previous blog posting I wrote about the rather routine visit by the Iraqi Minister for Oil and his assurance that Korea will not lack for Oil when and if (and really in look at this issue from America, I doubt that the Sanctions will hold for long), there is to be a disruption in Iranian supply of oil. As noted beforehand the  Iraqi supply would be potentially just as essential as the Saudi Arabia's supply for Korea to endure this hardship.

But then I refer you to this article, written in February, by the Conservative Chosun-ilbo. It harshly criticizes the current government's failure secure future resources for South Korea around the world. Aside from 2008's Kirkuk fiasco, where Korean companies spent estimated US $40 Million in order to develop oil field only to strike water. Then the article goes on to show the various energy development project in Central Asia, South America and South East Asia,all with either resulting in below expectations or outright failure. According to the article since the current government has come to power it has signed 35 Memorandum of Understanding (MOU) only one project seems to be on track.


Herein lies the dilemma of conservatives in the matter of Iranian oil. Compliance, in there view, is essential, because South Korea's destiny lies entwined with America's. Korea is the shrimp between some very aggressive sharks in, and to the Conservatives, alliance with the biggest shark of them all is the only surefire way to security. But looking at articles about energy development problems, or the English articles about the ongoing violence in Iraq and the sluggish pace of recovery even now, I doubt sincerely in event of disruption, there will be a Iraqi salvation. And without that salvation, there will be a recession again in Korea