USA: Wall Street drools over prospect of capturing Iraq oil wealth

Bush, oil, and the Iraq war, cartoonBy Patrick Martin:

Wall Street drools over prospect of capturing Iraq oil wealth

6 March 2007

The Iraqi cabinet’s adoption last week of a law creating the legal framework for turning over the country’s oil wealth to American corporations has touched off a chorus of salutes from the Bush administration, congressional Democrats and the corporate-controlled American media.

Perhaps the crassest expression of money-grubbing glee came in the Wall Street Journal, which published an article March 4 celebrating the unlocking of untold riches, including “dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies.”

The draft law lists 51 oil fields, 27 in production and the balance with proven reserves, as well as 65 exploration blocks.

The fallow fields and exploration blocks are located in every region of the country, while the working fields are concentrated in the northern region around Kirkuk and in the southern region near the border with Kuwait.

Citing a cabinet document, the Journal reported that “Iraqi officials must first agree to the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country’s draft hydrocarbons law is to be submitted to parliament for its approval.”

The draft law calls for reviewing and renegotiating contracts with Russian, French and Chinese oil producers, signed under Saddam Hussein.

These countries, which initially opposed the US invasion, are expected to be cut out of any lucrative oil deals in favor of American and British companies.

Anyone still wondering why the Wall Street Journal is so often called the War Street Journal?

19 thoughts on “USA: Wall Street drools over prospect of capturing Iraq oil wealth

  1. From Cindy Sheehan>Join the national *Call-In for Peace
    Posted by: “Marsha MCClelland” marshamcclelland
    Mon Mar 5, 2007 1:51 pm (PST)

    Join the national *Call-In for Peace*.

    PDA and its allies are coordinating a unified phone campaign to get Congress to reject additional Iraq war funding – the Bush supplemental appropriations request for $93billion more.

    With the Democratic leadership signaling weakness and half-hearted amendments aimed at undermining the surge but not the war, our coalition is /phoning/ in a loud and clear message:


    *PDA’s big day is Tuesday, March 6.

    Mobilize all PDA members and supporters to phone Congress on Tuesday.
    Our special number into Congress is 1-888-851-1879.

    * When you call your Senate and Congressional offices, /politely/ tell them one or two of the following points:

    Most Iraqis – both Sunni /and/ Shia –want US troops out of their country and most believe attacks on our troops are justified.

    US military force is no solution in Iraq –especially given the tainted rationales for invading Iraq, cultural gaps, Abu Ghraib, etc.

    Diplomacy, not war, is the solution.

    The American people at the polls in November and in opinion polls have expressed their view that the US needs to get out.

    Four years is enough! With its Constitutionally-granted “power of the purse,” Congress has the duty to end the war by cutting off war funding, except what’s needed for the prompt, safe, orderly withdrawal of all our troops.

    Each day from March 5 through March 13, different national groups in our alliance will spark phone calls to Congress. Instead of just one day of calls, we’ll keep pressure on Congress for over a week leading up to the Iraq Supplemental vote.

    Thanks to our toll-free number (connected directly to the Capitol Hill switchboard), we’ll track how many calls we can generate when we all work together.

    Mon., March 5 -Voters for Peace

    *Tues., March 6 — PDA,


    **US** Labor Against the War* Wed., March 7 –

    – CodePink, GlobalExchange Thurs., March 8

    – GSFP Fri., March 9 –

    Peace Action Mon., March 12 –

    UFPJ Tues., March 13 –

    All together now!

    *Join with PDAmembers/supporters this Tuesday, March 6 and call Congress: 1-**888-851-1879.* **

    *Please take a minute to share with us how things went with your call!


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