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Saddam taking control of 20% of the worlds oil reserves would have been a crippling blow to America's economy, and would have crippled America's ability to defend itself. Saddam invaded Kuwait because they refused to slow oil production and drive the price of oil up. Saddam needed high oil prices to pay of it's war debt. (Iran-Iraq war). Whether or not you know any Kuwaitis has nothing to do with the very real impact to your life that Saddam's successful acquisition of Kuwait would have caused. Never mind the idea that unprovoked aggression against another sovereign nation is generally considered taboo in the civilized world.
Only if we were unwilling to adapt. We have HUGE oil reserves. Canada has HUGE oil reserves. We have the biggest natural gas reserves in the world and could easily adapt and leave the whole M.E. to the barbaric 7th century ways... laughing all the way as they fell back into the dark ages. But nope, we made things far far worse by invading. I guess time will tell. In 25 years I might recant here at this very site... I bet you are anxious to wait and see, eh?