Iraq has the world's third largest proven reserves of oil, and they're barely tapped. This week, the price of oil reached $82 dollars a barrel -- the highest in history. And Alan Greenspan says in his new memoir that, at least for him, the U.S. invasion of Iraq was "largely about oil." Iraq's ocean of oil is a source of endless speculation, maneuver, sectarian tension, war and conflict -- inside Iraq and out -- over who gets what and how. The oil companies are circling. The world is thirsty...

Flynt Leverett, Director of the Geopolitics of Energy Project with the American Strategy Program at New America Foundation, discusses the Iraq oil equation. To listen to the show, please visit the On Point web site.