February 11, 2003, The Guardian reported:
[Rupert Murdoch] reiterated that the "greatest thing to come out of this [war]" would be cheap oil, which he believes would benefit the world economy more than any tax cut ever could...
Murdoch said the price of oil would be the war's main benefit on the world economy.
"The greatest thing to come out of this 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."
Today [February 2003] a barrel of Brent crude costs $31.68 while US light crude costs $34.53. During the last war on Iraq in 1991, the price of oil doubled to $40 a barrel. A $10 increase in the cost of oil is seen as the equivalent of a 0.2% cut in economic growth in America and Europe.