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William R. Clark From Amazon.com The invasion of Iraq may well be remembered as the first oil currency war. Far from being a response to 9/11 terrorism or Iraq's alleged weapons of mass destruction, Petrodollar Warfare argues that the invasion was precipitated by two converging phenomena: the imminent peak in global oil production and the ascendance of the euro currency. Energy analysts agree that world oil supplies are about to peak, after which there will be a steady decline in supplies of oil. Iraq, possessing the world's second-largest oil reserves, was therefore already a target of US geostrategic interests. Together with the fact that Iraq had switched to paying for oil in euros-rather than US dollars-the Bush administration's unreported aim was to prevent further OPEC momentum in favor of the euro as an alternative oil transaction currency standard. Meticulously researched, Petrodollar Warfare examines US dollar hegemony and the unsustainable macroeconomics of 'petrodollar recycling,' pointing out that the issues underlying the Iraq war also apply to geostrategic tensions between the United States and other countries, including the member states of the European Union, Iran, Venezuela and Russia. The author warns that without changing course, the American experiment will end the way all empires end-with military overextension and subsequent economic decline. He recommends the multilateral pursuit of both energy and monetary reforms within a UN framework to create a more balanced global energy and monetary system-thereby reducing the possibility of future oil and oil currency-related warfare. A sober call for an end to aggressive US unilateralism, Petrodollar Warfare is a unique contribution to the debate about the future global political economy. Peak Oil Resources Review: Petrodollar Warfare is indeed a meticulously researched piece that covers a multitude of Peak Oil related topics, including Peak Oil background, suggested premises for the Iraq war, and others. While at times his political leanings are evident, Clark presents a well thought out argument, replete with sourced quotes to back it up. In my opinion, the manner in which this book was sourced actually distracted from the flow of the presentation. Having approximately 3-4 somewhat lengthy quotes at the beginning of each chapter and subsection made for a choppy read. These quotes did however bolster Clark's argument. Moreover, instead of striving for a somewhat neutral political stance, the partisan nature of his writings did distract from his attempt to convince the reader on the merit of his arguments as opposed to the strength of emotion elicited. All of that being said, this book gets into the details in a way that few if any other books on this topic do. Others condense this material to presents a concise case, but in doing so sacrifice some of the convincing material that is otherwise taken for granted. Petrodollar Warfare presents a clear and sourceable case. If you crave a book that gives you the "meat" so to speak of the Peak Oil argument, its supposed effect on the Iraq war, and its implications on world economics and currency issues, this is THE book for you. You may not agree with all of the assertion of Clark, but with an issue like Peak Oil that challenges conventional modes of thinking, being challenged in this way is an oddly refreshing experience. Overall, it is not the first book I would recommend on Peak Oil to someone, but once you have done some of the basic reading you will not be disappointed with this book. William
R. Clark
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Petrodollar
Warfare: Oil, Iraq and the Future of the Dollar