Hey you, this is caliblog, all of this is based on a true story... all of this is our lives my life in a nutshell.

those crazy tin-hatters over at dowjones

posted on Tuesday, January 16, 2007 by

I realize this story has been out for about a week now - but it still makes my jaw drop every time I think of it. Looks like Bush forgot to mention something in his recent speech about Iraqi oil revenue and who's getting what. From Market Watch:
Iraq's massive oil reserves may be thrown open for large-scale exploitation by Western oil companies - which could end up grabbing up to 75% of the [beleaguered] nation's oil profits - under a law seen coming before the Iraqi parliament within days, the Independent reported on its Web site Monday. A draft of this controversial law, which the U.S. government has been helping to craft and has been seen by the Independent, would give oil giants such as BP PLC (BP), Royal Dutch Shell PLC (RDSA) and ExxonMobil Corp.

"U.S. has been *helping* to craft...", key word here being "helping".
Supporters counter that the 75%-profit provision will last only until they have recouped their initial drilling costs. After that, they would collect about 20% of profits, according to industry sources in Iraq. This is still twice the industry average for such deals.

This is such a blatant "fuck you" to Iraq (and the shrinking number of Americans who are still holding onto the idea that we are over there for a just cause), that you almost have to tip your hat to them. It's somewhat impressive, in its own sad and greedy way - they really just don't care anymore. If someone would have been screaming, pre-occupation, that it was all about the oil and that western oil giants would be reaping as much as 75% of the profits - they would have been laughed at. They were laughed at.

This law will cost us greatly - there's no way that the western world can take so much from a country that now has so little and not expect there to be severe consequences.



4 comments for those crazy tin-hatters over at dowjones

and Blogger Rick Rey was all like...

I think angela summed it up best here:

http://www.flickr.com/photos/blackcatinc/354663522/

  11:52 AM, January 16, 2007
and Blogger Jeans Pants was all like...

Oh yeah, I forgot you wrote about politics. It's been so long =0). I'm just kidding buddy. This past November we took away the devil's strength. 2 years left. Unless that movie we saw "The Death of a President" foretold the future. Just like Nostradamus. Then we only have 10 months left.

  5:49 PM, January 16, 2007
and Blogger Zadi was all like...

I hear you. I cringe at the entire mess our government has created. It's completely disheartening. :(

  12:37 AM, January 18, 2007
and Anonymous Anonymous was all like...

unrelated Mike, but a quick question since you're the movie guru. Is there a way I can rotate an AVI movie file?

I have some video where my camera was upside down and want to flip the clip... I'm on a mac.

  11:32 AM, January 25, 2007

Post a Comment

Take me back to the main page