Tuesday, July 01, 2008
In case you missed it:
Big Oil and the War in Iraq
"IT TOOK five years, the deaths of 4,100 US soldiers, and the wounding of 30,000 more to make Iraq safe for Exxon. It is the inescapable open question since the reasons given by President Bush for the invasion and occupation did not exist, neither the weapons of mass destruction nor Saddam Hussein's ties to Al Qaeda and the Sept. 11 terrorist attacks.
"The New York Times reported last week that several Western oil companies, including ExxonMobil, Shell, Total, BP, and Chevron, are about to sign no-bid contracts with the Iraqi government. Western oil had a significant stake in Iraqi oil for much of the last century until the government nationalized the industry in 1972. The Associated Press quoted Oppenheimer & Co. analyst Fadel Gheit as saying he believed the contracts were a first step toward production-sharing agreements. "These companies are in it for the money, not to make friends," Gheit said.
"This of course blows a hole in another ancient Bush fallacy, the one in which former Defense secretary Donald Rumsfeld said "the oil wells belong to the Iraqi people" and former secretary of State Colin Powell seconded him by saying Iraqi oil "will be held in trust for the Iraqi people." Former Deputy Defense secretary Paul Wolfowitz once claimed there was so much oil in Iraq that "When it comes to reconstruction, before we turn to the American taxpayer, we will turn first to the resources of the Iraqi government." - Boston Globe
This time next year, you should be able to fill up your monster truck with Iraqi oil, if the bank hasn't repo'd it yet.