Iraq Oil - 21 Jun 07
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llad: So these would be arrangements similar to those with Aramco in Saudi Arabia in the past, starting in the 30's? I believe those interests were eventually passed over to the Saudi gov't, after like 50 years, and may have even been part of the resentment against the U.S. festering in that region. I'm asking here, actually.
nicholas9999 4 years ago
Do you have any idea the kind of profit bonanza that the Middle East oil fields will be for American oil companies? They will receive 30% of the profits for 30 years. That is billion upon billions of dollars of profit skimmed off the Iraqi people for shallow, shoo-in development wells.
Ever wonder why the USA invaded Iraq?
You are looking at the answer ... American Imperialism and Empire at its finest.
llad 4 years ago
unlimited foreign investment will allow for greater export revenue for the region, but all that will be invested in is what is necessary to pump and transport the oil. the people will be forgotten and the economy will become reliant on exporting more and more oil without development taking place.
jklasdfjdfksl 4 years ago
Why should he do that? The Iraq Oil Law contains production sharing agreements -- meaning that foreign oil companies will obtain 60% of the oil revenue until payout of all exploration and production costs and 30% of the revenues thereafter.
Guess who these companies will be?
The Iraq Oil Law is being pushed by the Bush administration because it is nothing more than American imperialism. No other Middle East nation uses production sharing agreements ... NONE.
llad 4 years ago
i think it is important for the kurds to demand control of their resource. if they give control to a US favored deal, foreign companies will controlling the flow of oil money. this will provide for US-tied business profits, but will not improve Iraqs infrastructure. the less social services a private totalitarian company has to pay for, the more profit.
jklasdfjdfksl 4 years ago
I bet Bush is about to blow a fuse!
kellyg04 4 years ago