this is a surprise to NO ONE

but we started a civil war (in ANOTHER LAND) over it. we are responsible - absolutely - no doubt. the rich just keep getting richer and hell just keeps getting bigger.....

Mondo Washington
Iraq Report: It’s About the Oil‘Crude Designs’ reveals bonanza for the oil industry
by James RidgewayNovember 23rd, 2005 4:08 PM




WASHINGTON, D.C.—The bottom-line issue in the Iraq war is not establishing democracy or assuring state security, but rather controlling the country’s oil reserves.
A new report called Crude Designs: The Rip-Off of Iraq’s Oil Wealth, prepared by a British consortium, reports that oil deals involving Iraq will be a bonanza for American and other Western companies. Iraq is expected to retain ownership of only 17 out of some 80 known oil fields, and these fields probably will end up under regional—not national—control.
”Crude Designs” (find an HTML version here) calculates the effects this way:
”At an oil price of $40 a barrel, Iraq stands to lose between $74 billion and $194 billion over the lifetime of the proposed contracts. . . .
”Under the likely terms of the contracts, oil company rates of return from investing in Iraq would range from 42% to 162%, far in excess of usual industry minimum target of around 12% return on investment.
Current contract negotiations between Iraq and the big oil companies will result in the country literally signing away rights to its oil. Once these deals are done, we can declare victory. Whether troops stay there or are redeployed is of secondary importance. ..........