Stealing Iraq’s Oil

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Posted on Jan 7, 2007

The Iraqi parliament is expected to vote on a U.S.-crafted law that would open the nation’s oil industry to exploitive foreign control. If the bill passes, it would give foreign investors up to 75 percent of Iraq’s oil profits until costs are recouped, and then twice the industry standard after that. This law is a naked admission that the U.S. invaded Iraq, at least in part, for its oil.

(Thanks to M. Mitchell)

Independent:

Iraq’s massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi parliament within days.

The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday. It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.

The huge potential prizes for Western firms will give ammunition to critics who say the Iraq war was fought for oil. They point to statements such as one from Vice-President Dick Cheney, who said in 1999, while he was still chief executive of the oil services company Halliburton, that the world would need an additional 50 million barrels of oil a day by 2010. “So where is the oil going to come from?... The Middle East, with two-thirds of the world’s oil and the lowest cost, is still where the prize ultimately lies,” he said.

Oil industry executives and analysts say the law, which would permit Western companies to pocket up to three-quarters of profits in the early years, is the only way to get Iraq’s oil industry back on its feet after years of sanctions, war and loss of expertise. But it will operate through “production-sharing agreements” (or PSAs) which are highly unusual in the Middle East, where the oil industry in Saudi Arabia and Iran, the world’s two largest producers, is state controlled.

Opponents say Iraq, where oil accounts for 95 per cent of the economy, is being forced to surrender an unacceptable degree of sovereignty.

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TAGS: colonialism halliburton imperialism mideast oil u.s.

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By Poetry, May 27, 2007 at 8:51 pm #
(Unregistered commenter)

Take the Pledge

All Presidential Candidates should make pledges like those below. If they refuse, then you should refuse to vote for them.

1. No More Oil Wars.

2. Work for independence from foreign oil on day one.

3. No more wars for corporate profit.

4. No more secret deals for $4 per gallon gas.

5. No more Chicken Hawks promoting wars of choice when they themselves avoided combat.

6. Make government green—if you can’t make what you have the most control over green, I don’t care about your plans to make the country green.

7. No more torture.

8. No more lying about torture.

9. No more re-defining torture.

10. No more drunken hunting.

11. No more secret deals with big corporations to divide up the spoils before the war even starts.

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By Montie Shields USAF RET., January 10, 2007 at 4:45 am #
(Unregistered commenter)

I read an article a few years ago that said in
effect that Bush was a big help in helping Osama
bin Laden recruit followers. Osama said The U.S.
was going to invade a Middle East Country for
its oil. What did Bush do? I don’t have to tell
anyone what he did. Thats known throughout the
world. Made Osama look like a genius don’t you
think?

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By particle61, January 8, 2007 at 3:49 pm #
(Unregistered commenter)

http://www.redstateupdate.net reported on the oil component of the Iraq Study Group’s report(a month ago)and it’s clear that they ain’t going home without the oil-see story:
ISG Recommends Bringing War Machine in For an Oil Change
http://www.redstateupdate.net/full-page/fullpage-archive-82.html
redstateupdate.net reports on imperial war mongers (and the merchants who divide the spoils) with both humor and prescience -beating the MSN by about a month…
and a new gwbush comic every week!
http://www.redstateupdate.net/verbatim/verbatim.html

http://www.redstateupdate.net
funny, frightening, free
and ‘it’s all true’

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By Well Well Well, January 8, 2007 at 2:53 pm #
(Unregistered commenter)

This is all part of keepiing the Federal reserve alive with oil money because they have no gold. Without oil America’s might and money are gone with the wind.

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By GW=MCHammered, January 8, 2007 at 2:09 pm #
(Unregistered commenter)

I knew the NeoCons would come through! I knew it all along! That’s why I bought a 2mpg dump truck and welded on a SUV for a hood ornament! So look out all you petty little two-story pickups, ‘cause four stories of oil guzzling brawn’s lockin’ in the hubs on the freeway now! What’s all MY oil doing under Iraq’s sand anyway?! Go gettem Cheney!

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By xdoi, January 8, 2007 at 11:54 am #
(Unregistered commenter)

Is anyone looking into a connection between the Cheney Energy Task Force and our current predicament?

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By rabblerowzer, January 8, 2007 at 10:35 am #
(Unregistered commenter)

If this law passes, then Republicans can truly claim “Mission Accomplished.”

It will give our plutocrats thirty years to deplete Iraq’s oil reserves, and trillions in profits. Of course, it is imperative that they maintain control of our government and that the occupation of Iraq continues for decades. Otherwise it could all slip through their fingers like grains of sand.

No blood sacrifice by Americans troops is too great, we are all expendable pawns to our beloved plutocracy.

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By Bob Williams, January 8, 2007 at 3:41 am #
(Unregistered commenter)

Track and publish the security priorities for the military in this “war”. The port facilities near Basra were some of the first locations that were “secured”. Track and publish the Oil Production and shipping that continued prior to the existing Iraqi elected goverment - track and publish the monetary exchange that occurred as a result of the exportation of millions upon million of barrels of crude oil prior to the establishment of the Iraqi government - and then after the Iraqi government took “power”. Publish the exact figures measured in U.S. dollars including the percentage that actually goes to the Iraqi government - then and only then will you present to the world the unadulterated truth that exposes all of the condradictory behavior of our elected officials i.e. allowing unfetered terrorist access through our southern borders in time of war and then claiming that the reason we are in Iraq is for U.S. “security” ! To do this would require true investigative journalism - are you up to it ?

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By DennisD, January 8, 2007 at 1:39 am #
(Unregistered commenter)

A subpoena for the minutes of the meeting Cheney had with his energy buddies soon after stealing the White House in 2001 won’t be necessary. The money trail never lies.

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By Quy Tran, January 7, 2007 at 11:33 pm #
(Unregistered commenter)

When the Iraqi oil pipes open (thanks to U.S.- crafted law) there’ll surely no oil coming out but BLOOD.

Bush/Cheney & Cos. will be richest men in the whole world. Bill Gates has demoted to third place !

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By Ben, January 7, 2007 at 11:25 pm #
(Unregistered commenter)

I think you are looking at this law all wrong.
The free market is world wide. So when you say   nation’s oil industry to exploitive foreign control. That just means Foreigner can bid just like they do in any open country.  If the bill passes, it would give foreign investors up to 75 percent of Iraq’s oil profits until costs are recouped, Why not recoup your money. If I was going to invest billions of dollars in something like oil rigs trucks jobs heath insurance etc, Which I mite add is good for Irag. I would want a return. Foreigner come to the us all the time to invest. Most people dont say US is giving up control. It is better having the best “foreigner ” do the job of getting oil out then Joe blow Irages bother that does not have the resores or money to undertake a job like that. try not to look at it like cloke and Dagger. If the US wanted the oil we could have just taken it. truth be told Sadam would have given us oil not to invade. (Like he did the French and Russens)

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By gandhi, January 7, 2007 at 11:01 pm #
(Unregistered commenter)

This important Indepenedent On Sunday article is just one of four on the issue. I have summarised all four IoS articles on my blog here.

I also draw readers attention to this important story: Big Oil tried hard to help Bush’s GOP in the 2006 mid-term elections. In fact, the price of oil was at a year low the very week of the election. Coincidence? NO!

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