Global News Journal
Beyond the World news headlines
Iraq: was it all about the oil?
Five years after the U.S.-led invasion to topple Saddam Hussein, Iraq is throwing open its oil sector to foreign oil firms in a way Saudi Arabia, Kuwait and others in the region are reluctant to. Oil Minister Hussain al-Shahristani says no company will have any special privilege.
Some analysts take a different view. They reckon U.S. and British oil majors are in a strong position to help develop the world’s third-largest oil reserves. Exxon Mobil, Chevron, Royal Dutch Shell and BP head the queue. They have already built up a relationship with Iraq’s oil officials by negotiating short-term technical deals.
Now Iraq is inviting bids for long-term development contracts at its biggest fields, the “backbone of its industry” in the words of Shahristani. He believes Iraq could become the world’s second- or third-biggest oil producing country, rivalling Saudi Arabia and Russia.
Are U.S. and British firms obvious choices as partners because of their expertise? After all, before the U.S.-led invasion Iraq often preferred Russian firms. Or are U.S. and British firms reaping the benefit of their governments’ policies?
Be Prepared! The Us Economy will go down the tubes if Oil hits $200.00 a Barrell. IF Gas hits $10.00 Plus a gallon in the US ….we are all in Trouble. Food, Gas and any other service you can think of will go up as well! And,Crime rate will increase dramanically!
OPEC doesnt want to do anything about the situation but count their $$ they are getting.
Who in the world wants to help their fellow countrymen??
Its a Sorry situation we are in at this time. Feel sorry for our GrandKids and how will they ever afford to go to College!