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Although its original concession of March 14, 1925, covered all of Iraq, the Iraq Petroleum Co., under the owner- ship of BP (23.75%), Shell (23.75%), CFP [of France] (23.75%), Exxon (11.85%), Mobil (11.85%), and [Calouste] Gulbenkian (5.0%), limited its production to fields constituting only one-half of 1 percent of the country's total area. During the Great Depression, the world was awash with oil and greater output from Iraq would simply have driven the price down to even lower levels.
...On paper, Iraq, at 112 billion proven barrels, has the second largest reserves in OPEC after Saudi Arabia. That does not make Saudi Arabia happy. Even more important is that Iraq has fewer than three thousand operating wells... compared to one million in Texas...
An international industry policy of suppressing Iraqi oil production has been in place since 1927. We need again to visit that imp called "history."
High gas prices may have cinched American consumers’ wallets in 2007, but they loaded the coffers of the big five oil companies: BP, Chevron, Conoco Phillips, ExxonMobil, and Shell. ExxonMobil, after record high profits in 2005 and 2006, smashed the record for highest profits ever made by a public U.S. company—previously held by Exxon—by posting a net profit of $40.6 billion in 2007.
Nov. 19, 2001 | The Bush administration's ties to oil and gas are as deep as an offshore well. President George W. Bush's family has been running oil companies since 1950. Vice President Dick Cheney spent the late '90s as CEO of Halliburton, the world's largest oil services company. National Security Advisor Condoleezza Rice sat on the board of Chevron, which graced a tanker with her name. Commerce Secretary Donald Evans was the CEO of Tom Brown Inc. -- a natural gas company with fields in Texas, Colorado and Wyoming -- for more than a decade...
..."There's no denying that this is an oil administration," says Peter Eisner, managing director of the nonprofit, nonpartisan watchdog group that conducted the study of Bush's campaign finances. "You can't talk about the career of any George Bush -- father or son -- without talking about oil."
Originally posted by EverythingYouDespise
It just seems like the Iraqis owe us something for all of our trouble on their behalf, and I can think of no timelier or more valuable tribute than free access to their oil fields.
Originally posted by mattguy404
Mohammed - "No. I just feel we owe them for all their trouble."
And if you actually took any notice of the news, you would know that multinationals are already bidding for Iraq's 100 billion barrels of oil.
[edit on 3-7-2008 by mattguy404]