Whose Oil Is It, Anyway?

[acmavm]

http://www.nytimes.com/2007/03/13/opinion/13juhasz.html?th&emc=th


By ANTONIA JUHASZ
Published: March 13, 2007
San Francisco

<snip>

TODAY more than three-quarters of the world’s oil is owned and controlled by governments. It wasn’t always this way.

Until about 35 years ago, the world’s oil was largely in the hands of seven corporations based in the United States and Europe. Those seven have since merged into four: ExxonMobil, Chevron, Shell and BP. They are among the world’s largest and most powerful financial empires. But ever since they lost their exclusive control of the oil to the governments, the companies have been trying to get it back.


<snip>

The law would transform Iraq’s oil industry from a nationalized model closed to American oil companies except for limited (although highly lucrative) marketing contracts, into a commercial industry, all-but-privatized, that is fully open to all international oil companies.

The Iraq National Oil Company would have exclusive control of just 17 of Iraq’s 80 known oil fields, leaving two-thirds of known — and all of its as yet undiscovered — fields open to foreign control.

The foreign companies would not have to invest their earnings in the Iraqi economy, partner with Iraqi companies, hire Iraqi workers or share new technologies. They could even ride out Iraq’s current “instability” by signing contracts now, while the Iraqi government is at its weakest, and then wait at least two years before even setting foot in the country. The vast majority of Iraq’s oil would then be left underground for at least two years rather than being used for the country’s economic development.

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[luckyleftyme2]

1. DO YA THINK

do ya think that is why they dragged out the conflict in "IRAQ" may'be?
its all about control-but we all know that

[yurbud]

2. some people still think it's about access, and Juhasz is one of the few disabusing them of that

with facts.