"Again, the co's will not be stealing the oil or anything. They'll pay for it."
You haven't been paying attention.
With Saddam in power, the US/UK oilcos were not operating in Iraq.
With Saddam replaced with a supposedly grateful/friendly govt, the US/UK oilcos would have their opening. The recent Iraqi oil law is supposed to set up oilco-favored production-sharing contracts (much more lucrative for foreign oilcos) rather than the lease contracts.
So, as the PNAC/AIE/neo- stategy goes, the (cheap, quick, painlesss, slam-dunk) Iraq war (self-financing from Iraqi oil commandeered temporarily by US/UK) was primarily an oil grab where the US/UK oilcos where the go from NO presence in in the Iraqi oil profit flow to extremely lucrative production-sharing contracts for Iraqi oil that is 1) comparatively shallow (cheap to extract). and 2) very high quality (less refining cost). 100s of $Bs of profits for the US/UK oilcos for decades.
With all the other Iraqi war justififcations being lies, bull , disproven, in the context of the worst, most incompetent,sinister Exec in modern time, the oil grab is left as the most plausible.

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