Monday, June 30, 2008

Iraqis Don't Sign Deal with Oil Companies

Iraqi Oil Minister Hussein al-Shahristani says that the companies wanted a cut of Iraqi oil, while the Iraqis want to pay them solely on a time and materials (consultancy) basis.

Expect the Iraqis to come under incredible pressure from the Bush administration to ink the existing agreement - or at least a "modified" version of the existing agreement that gives these five major players (Shell, BP, ExxonMobil, Chevron, Total) what they want. British Petroleum (formerly the Anglo-American Oil Company) once toppled the Premier of Iran to get a share of that country's oil.

But, of course, we didn't go to war for the oil. To even imply that would be obscene!