The big prize looms in the headlights. Oil is about to break loose in Iraq… just in time for Christmas.

It is interesting to see that this issue has been dragging on for nearly a year now.  Of course the Iraqis don’t want to sign this bad legislation into law.  They know that the are rubber-stamping the pillaging of their national treasure with this bill.

Originally published 10/18/06:

The deadline for Iraq to give away their vast wealth in oil riches is coming up in December.  This is what secret combinations are about.  All of this death (601,000 estimated violent deaths since the war, and anywhere from 1 to 1.5 million deaths estimated from the sanctions regime in the 90’s) so that a few wealthy people can get gain… or in other words, filthy rich.

“The Iraqi government faces a December deadline, imposed by the world’s wealthiest countries, to complete its final oil law. Industry analysts expect that the result will be a radical departure from the laws governing the country’s oil-rich neighbors, giving foreign multinationals a much higher rate of return than with other major oil producers and locking in their control over what George Bush called Iraq’s “patrimony” for decades, regardless of what kind of policies future elected governments might want to pursue.

Iraq’s energy reserves are an incredibly rich prize. According to the U.S. Department of Energy, “Iraq contains 112 billion barrels of proven oil reserves, the second largest in the world (behind Saudi Arabia), along with roughly 220 billion barrels of probable and possible resources. Iraq’s true potential may be far greater than this, however, as the country is relatively unexplored due to years of war and sanctions.” For perspective, the Saudis have 260 billion barrels of proven reserves.”

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