Money The Terror War
posted by on June 19 at 7:30 AM
Because it needs to be repeated:
According to some, Iraq has more unexploited reserves of oil than anywhere else in the world. It has 115 billion barrels of proven reserves, but industry estimates say potential oil fields could more than double that.“Iraq is the one country that has so much proven and potential reserves - that puts it on a par with Saudi Arabia,” saysTariq Shafiq, a veteran Iraqi oil engineer who started his career with the Iraq Petroleum Company.
Pumping it out of the ground is technically cheaper than anywhere else in the world, making it even more attractive to foreign oil companies, Mr Shafiq explained to the BBC World Service’s Newshour programme.
Well, hell, as long as we're over there tearing the place up, we might as well get something out of it...
this wouldn't have anything to do with this:
http://thinkprogress.org/2008/06/18/exxon-oil-giants-prepared-to-sign-no-bid-oil-deals-in-iraq/
Would it?
So the constitution theoretically declares that oil revenues are to be publicly owned, but the practice of public ownership has resulted in the sale or lease of these resources to private interests. Needless to say many companies are very interested in the oil resources of Iraq and from what I gather, the Kurds in Kirkuk are already cutting deals with multinational oil companies without any involvement by the Iraqi National Counsel. Hmm. What does that suggest about a cohesive Iraqi State?
The only good argument someone's mentioned to me about why we should stay in Iraq is so that the Chinese and Indian oil companies don't go there to claim the oil. The surge in gas prices is partially due to India and China's dependency of oil increasing in part to the increase of private car ownership.
@4 - Oil in Iraq was already being claimed by the French before the war started, in violation of the UN sanctions. I always figured that was the primary reason for the rush to war by Bush & Co.
See also, Freedom Fries.
raise your hand if you're surprised this (and the permanent-bases agreement) is going down just as the bush regime ends.
obama is being boxed into a corner.
@6 - The next President was always doomed to be boxed into a corner regarding Iraq. This is the corner of a long hallway located off of a corner at the end of a long hallway located off of a corner ...
Once we leave the price will drop and we can buy it cheaper even with a middleman's mark up.
A barrel of oil has no nationality, no passport, and unless it's from Venezuala or Mexico, no aftertaste.
(reference to the type of oil from those countries you sick pervs)
I doubt it, Will @9. Without state control, oil companies will continue to produce as much as they've always produced.
Why would they increase supply and sell oil for less when the world has proven its appetite for $100 / barrel oil?
If we want cheap oil, we need a crazy man in charge of a large reserve.
Bull.
But hey, six shooter, I just sold 200 shares of Conoco-Phillips this week so what do I know (other than how to make obscene gobs of money) about oil.
We've spent a lot of blood and money, I guess there should be some return. Just be honest about this being the motive all along.
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