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After George W Bush’s January 2002 State of the Union Address 2 in which he denounced Iraq, Iran and North Korea as an “axis of evil” 3 and object of potential military action, Haliburton’s share price rose steadily from 13.73 to a high of 17.68 in early March.
Halliburton’s share price fluctuated in mid-2002, but a steady period of growth followed the White House’s September announcement of plans to invade Iraq 4. Growth continued steadily while the US prepared for war, with a sudden jump just after invasion 5, 6, and a marked increase after the arrest of Saddam Hussein 7.
In the second and third quarter of 2004, Halliburton’s growth seemed to have reached a stand-still; but with the nomination of George W Bush and former Halliburton CEO Dick Cheney for presidential re-election 8, Halliburton stock started to rise again.
Halliburton’s shares continued to rise as John R Bolton was installed by Bush as US ambassador to the UN. Bolton formerly served as Under Secretary for Arms Control and International Security; and was a member 10 of the Project for the New American Century 11, a political think-tank widely perceived as promoting US military expansion and imperialism 11, 12.
