posted on Feb, 27 2007 @ 12:27 PM
The Iraqi Cabinet approved a draft law Monday to manage the country's vast oil industry and distribute its wealth among the population - a major
breakthrough in U.S. efforts to press the country's Shiite, Sunni and Kurdish groups to reach agreements to achieve stability.
The problem about this draft is the way in which the wealth is to be administered and controlled.
Taking into consideration that the areas rich in oil, are located in the northern and southern part of Iraq . . . that will be the Kurdish and Shiites
. . . Sunnis hold the least and possible none of the wealth.
US companies will have the rights to the oil with huge tax brakes after that.
The regional governments will manage the revenues and are responsible to share the wealth with the people by population size in their regions.
The Bush administration, facing growing pressure to end the Iraq conflict, has been urging the Iraqis to finish the new oil law - one of the
benchmarks that al-Maliki's government had pledged to meet by the end of last year.
Right now, the sectarian violence has stopped the regional elections that were to be held at the end of the year and to reverse legislation that keeps
Sunnis from government posts.
The draft also encourage control of areas like the Kurdish have in the north as independent and Shiites in the south.
Behind the scene we have a very insistent American lobbyist with arm-twisting and public pressure tactics into giving away their resources to US oil
American companies, in the emerging emergency from congress to pull the troops from Iraq.
But then again who is going to protect the investors in Iraq that will be taking over the oil?