Whose oil is it, anyway?

[LSK]

Whose oil is it, anyway?
Wed, 14 Mar 2007 06:29:21
Antonia Juhasz

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 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.

http://www.presstv.ir/detail.aspx?id=2560§ionid=3510303

[Old and In the Way]

1. I don't know how they'll ever enforce the legality of this "hostile acquisition"

Lots can happen in the next few years...if I was Big Oil, I would count my oil assets until their delivered.

[libodem]

2. All of your oil are belong to us.