To the Point

Is Oil the Real Reason for Invading Iraq?

In the first presidential debate, John Kerry said the President has failed to persuade the rest of the world the US does not have long-term designs on Iraq. Kerry said, "When you guard the oil ministry, but you don't guard nuclear facilities, the message to a lot of people is...maybe they're interested in our oil." Neither the President nor the moderator picked up on the comment. What are America's long-term, economic interests in Iraq and the rest of the Middle East? How important to US security are Iraq's oil reserves? Why don't the media pay more attention, especially in an election year? Warren Olney hears from economists, experts in defense, public policy, international affairs and the media, and former consultants to the International Monetary Fund and the Pentagon. Making News: Budget Deficit Hits New High America's deficit for the fiscal year that ended last month was $413 billion. Democrats emphasize that's another record in dollar terms, but the Bush administration claims it's a sign of progress. Greg Ip of the Wall Street Journal reports on the latest figures, their political and economic impact, and how the soaring price of oil fits into the picture. Reporter's Notebook: Ramadan Begins It's one of the five Pillars of Islam, the ninth month of the Muslim calendar, when God revealed the Quran to Mohammed. For millions of Muslims all over the world, this is the first day of Ramadan. Traditionally, the days are marked by fasting and prayer, followed by evenings of congenial family dinners. Mustapha Abu Sway, professor of Islamic thought at Al Quds University in Jerusalem, looks at how the tradition is observed in the 21st Century.