Victory In Iraq: New Oil Law Helps Needy Western Oil Companies
While liberal webtards continue to call the Iraq Occupation a "failure" due to the hundreds of thousands of blown-up Iraqis, civil war and endless U.S. casualties, optimists point out that Iraq's most precious resource will soon be available to all the western energy companies so cruelly kept away from the oilfields during Saddam Hussein's reign.
Read the Good News the Main Stream Media won't tell you, after the jump.
The draft law regulating Iraq's liberated oil industry was kindly written by the Bush Administration working with the major U.S. and European oil companies. A leaked and translated version shows that long-suffering corporations like Exxon-Mobil will keep as much as 75% of the oil revenues.
Says Raed Jarrar, who translated the document:
This law legalizes PSAs (production sharing agreements) in Iraq. Iraq will be the only country in the Middle East with such contracts privatizing Iraqi oil and giving foreign companies crazy rates of profit that may reach to more than three-fourths of the general revenue.Oh, and Iraq won't be a member of OPEC anymore. That means no controls on supply! Suck it, OPEC!
The New Iraqi Oil: Leaked [In the Middle]