Thursday, January 11, 2007

Dubya, Iraqi Oil & The Occupation of Iraq

In 2002 Saddam cut Iraq's oil exports.

Iraq cuts oil in Israel protest

April 9, 2002 Posted: 3:45 PM EDT (1945 GMT)

BAGHDAD, Iraq -- President Saddam Hussein has announced Iraq is cutting its oil exports for a month in protest at Israel's military offensive in the West Bank.

The halt in oil would include all exports through Turkey and the Persian Gulf port of Basra, including that for the United Nations oil-for-food programme, which limits Iraq's oil exports in exchange for food and medical supplies.

Most of Iraq's oil is indirectly exported to the United States and Europe.

Future of Iraq: The spoils of war

How the West will make a killing on Iraqi oil riches

By Danny Fortson, Andrew Murray-Watson and Tim Webb
Published: 07 January 2007

Iraq's massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi parliament within days.

The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday. It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.

The huge potential prizes for Western firms will give ammunition to critics who say the Iraq war was fought for oil. They point to statements such as one from Vice-President Dick Cheney, who said in 1999, while he was still chief executive of the oil services company Halliburton, that the world would need an additional 50 million barrels of oil a day by 2010. "So where is the oil going to come from?... The Middle East, with two-thirds of the world's oil and the lowest cost, is still where the prize ultimately lies," he said.

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