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does this mean gas will be $1.00 per gallon soon?
Deals With Iraq Are Set to Bring Oil Giants Back
BAGHDAD — Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power.
Exxon Mobil, S , Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq’s Oil Ministry for no-bid contracts to service Iraq’s largest fields, according to ministry officials, oil company officials and an American diplomat.
The deals, expected to be announced on June 30, will lay the foundation for the first commercial work for the major companies in Iraq since the American invasion, and open a new and potentially lucrative country for their operations.
The no-bid contracts are unusual for the industry, and the offers prevailed over others by more than 40 companies, including companies in Russia, China and India. The contracts, which would run for one to two years and are relatively small by industry standards, would nonetheless give the companies an advantage in bidding on future contracts in a country that many experts consider to be the best hope for a large-scale increase in oil production.
There was su ion among many in the Arab world and among parts of the American public that the United States had gone to war in Iraq precisely to secure the oil wealth these contracts seek to extract. The Bush administration has said that the war was necessary to combat terrorism. It is not clear what role the United States played in awarding the contracts; there are still American advisers to Iraq’s Oil Ministry.
does this mean gas will be $1.00 per gallon soon?
wow.
no. it means our troops will focus on a new mission securing the wealth.
As Chris Rock jokes about the price of oil in his current tour:
"When my family invades IHOP, pancakes are gonna be cheaper at my house."
Seriously, if this doesn't erase any doubt about why the US invaded Iraq, nothing will. The US has quickly lost all credibility as a global governing body. They do what the want, without repercussion. You've gone from stalwart representative of democracy to common thug in a matter of years.
Um.
Saddam was a dictator, he's gone and a Democracy is installed, the first true Democracy in an Arab country since the height of the cold war. The people of Iraq are no longer living under crushing sanctions and this will be a huge boost to their economy...
What do you think the economic conditions in Iraq were prior to this war?
Idiot.
So tell me idiots...which Oil companies would you have preferred be given these deals?
Or you would you have preferred the Democratic Government of Iraq leave them nationalized? Because that works so well...
Or would you have preferred the Oil be buried and used by no one and let the Iraqis eat sand?
Morons....
Psss: Iraq is also back on the global market and fully back in OPEC ...whoo us. We sure do know where our discount is buttered....and it damn sure wasn't under the OFF Program. Nope...no subsidized Oil there...whatsoever.
That's not the ing point now, is it? The whole pretext about the war on terror bull , and liberation of Iraq is completely blown. I won't argue Saddam was a ruthless dictator, but don't come here with that "true democracy installed" bull . You haven't installed . Iraq is in shambles. The minute the US gets out of there, what the do you think is going to happen??
Of course, now that the US plans to have oil interests in Iraq, I doubt you will ever truly "leave". The only thing this war has proven is the US has carte blanche to do whatever they want.
My main concern here is the US has lost its moral high ground. What the are you going to say if Russia decides to invade a neighboring country under the pretext of national security? In short, the US will lose its status as the peace keeper of the world, if it hasn't already.
If it happens right now? A massacre of biblical proportions that will make the last 6 years look like a love in.
But don't about that... about the idiots wanting us to pull out...
Because they are the ones that will legislate that slaughter, and waste every American and Iraqi life lost in the conflict in the process.
They won't even be paying attention to that massacre...I mean they didn't when it happened when we pulled out of Vietnam...
Well, they might notice it to blame the Bush admin for taking us in in the first place.
Idiot...how can you classify those companies as the US having Oil interests in Iraq is beyond me...but what isn't beyond me is that it completely confirms your ignorance on this subject.
Of course, now that the US plans to have oil interests in Iraq,
I doubt you will ever truly "leave". The only thing this war has proven is the US has carte blanche to do whatever they want.
If by whatever you want you mean go into a country that was in violation of every ceasefire agreement they signed...you're right.
If you mean anything else or fail to take tht into account...you're an idiot.
Probably not much...My main concern here is the US has lost its moral high ground. What the are you going to say if Russia decides to invade a neighboring country under the pretext of national security?
But I dout they'll be doing it because that country violated a ceasefire agreement with them...
In short, the US will lose its status as the peace keeper of the world, if it hasn't already.
I see...and who do you feel now has this status?
Enlighten me....
Let me see if I have this right.
Iraq is not suppose to produce oil. Even though that is about all they have to export.
And
The OILCO's that are American, but do business
worldwide, should not buy/produce/or help produce because it will show that is all we went to Iraq for.
Gee, I didn't know that. It is good to know these things.
Those Oilcos aren't even all American is the funny thing...
Total is French....
That's the A #1 thing that pisses me off about this news.
I'd prefer all the companies be American owned, with maybe a Brit or Dutch company thrown in, but mainly us...since we just footed the ing bill for cleaning up Europe's mess and trashed our economy in the process.
No French Oil Company should be in Iraq right now...that pisses me off.
It was always for oil..any idiot can see that.
Did you figure that out on your own? Or just pick it up off a bumper sticker?
Anyone that thinks this war was entirely about Oil...especially Iraq's Oil, is an idiot.
Why didn't they just make the deals with Saddam?
"Saddam was a dictator, he's gone"
The bogus reason the WH/Exec/neo-c*nts agreed that they all could get behind was WMD, and sent sucker Gen Powell up the UN to lie about WMD.
NOT Saddam.
"and a Democracy is installed"
no, Iraq is not even a sovereign country, and won't be forever under dubya's secret SOFA, which formalizes Iraq as a occupied colony of the USA.
"the first true Democracy in an Arab country"
"The people of Iraq are no longer living under crushing sanctions"
They have been bruatalized by US military and Blackwater and Aegis, murdered and raped in the 100s of 1000s, far exceeding the murders of Saddam. They are living without sufficient jobs, money, water, electricity, health care, etc, etc. There's a huge e in the numbers of babies born with birth defects. The Iraqi doctors are convinced it's the 1,100 tons of depleted uranium dubya has shot at Iraq. Yes, Iraqis are so much better off now than under Saddam.
"this will be a huge boost to their economy..."
The US is holding $50B of Iraqi money in NY Federal Reserve and threatening not to give to Iraq if Iraq doesn't play ball with the oilcos.
Do you really think the oil money in Iraq will "trickle down" to Iraqis? It doesn't trickle down for US oilcos in the USA!
Poor Whott, totally snookered by dubya's lies and he still won't man up admit, still desperately trying to justify the unjustifiable.
The war was about installing a democracy in the middle east, whether you think that's good or not is not the point.
For those who think it was about oil, I don't see the profit incentive? Right now the Oilcos are making the most they have ever made with limited supply and high demand. How does increasing supply make them more money? What's the motive?
More on the supreme quality of Iraq life during dubya's oil-for-war:
http://www.alternet.org/waroniraq/88733/
controlling a major portion of the earth's oil reserves.
"Total is French...."
... explains Sarkozy sucking off dubya several days ago in France.
No non-US/UK oilco would be in Iraq now without US approval. I fully expect that France has paid the US to get into Iraq at this point.
We already have control of a major portion of the earth's oil reserves right here in the USA. My question is where is the profit motive? Tapping those reserves and increasing supply will only reduce prices, when oilcos are making record profits with the status quo.
Iraq contains the second largest reserve in the world, so were not talking small potatos here.
you can sell for less if you sell more.Tapping those reserves and increasing supply will only reduce prices, when oilcos are making record profits with the status quo.
2nd largest in the middle east I thought, but I could be wrong. I read where the USA in Colorado and Montana that there are about 100 billion barrells, but again I could be wrong.
where's the proof that would be a net positive over the current situation. I would think that would actually be a negative because it would trigger a surge in supply by Saudi and other suppliers.you can sell for less if you sell more.
Seems to me the current situation is the best they have ever had it.
The proven oil reserves of the United States of America are 21 billion barrels. This includes the Bakken formation under Montana and North Dakota.
Underlying much of the western United States are vast oil shale deposits, which, if anybody ever figures out an economical large-scale way to exploit them, could provide up to the equivalent 2.5 trillion barrels of oil. S is working on an experimental in situ process in Colorado in which they heat the rock with elements drilled into the ground to crack the kerogen into oil.
Iraq's Oil Reserves: Untapped Potential
While its proven oil reserves of 112 billion barrels ranks Iraq second in the world behind Saudi Arabia, EIA estimates that up to 90-percent of the county remains unexplored due to years of wars and sanctions. Unexplored regions of Iraq could yield an additional 100 billion barrels. Iraq's oil production costs are among the lowest in the world. However, only about 2,000 wells have been drilled in Iraq, compared to about 1 million wells in Texas alone.
http://usgovinfo.about.com/library/w...aairaqioil.htm
yeah, no incentive for the oil companies.
There is always a tension between keeping prices robust and maintaining market share.
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