I know Iraq has the largest oil reserves in the world after Saudi Arabia. And all those used to be run by the government of Saddam. Well who owns all the oil. I mean it must be a trillion $ thing.
2007-08-08 12:43:13 · 3 answers · asked by Faraj - King Of Ramadan Section 2 in News & Events ➔ Current Events
The oil fields in Iraq are still state owned. Nothing has changed other than the controlling hands. Saddam was in total control of the oil revenues. Now there are Kurds, Shiites and Sunnies who share the oil revenues in a proportionate manner. There are still huge hurdles to overcome to bring all the factions of the Governement to agree with each over the revenues. It is not clear how and when a sttlement for the oil revenues between these three major factions will take place.
Right now most of the oil fields are under repair and are functioning at its lowest capacities. It would take a megician to know when will the flow of oil starts at it maximum capacity again in Iraq.
2007-08-08 13:54:52 · answer #1 · answered by clearwater 2 · 3⤊ 0⤋
Wrong. The oil fields were owned by Saddam, and the people did not benefit whatsoever from the oil in those wells. He sold oil to fund his war with Iran and finance his palaces and lifestyle. When that was not enough, he invaded Kuwait.
All the oil fields are now owned and overseen by the current Iraqi government. A government elected by the people for the people.
2007-08-08 12:50:45 · answer #2 · answered by Anonymous · 3⤊ 1⤋
If we were really benefiting from Iraqi oil you would think gas prices would not be $3 a gal. wouldnt you...
2007-08-08 13:44:24 · answer #3 · answered by Gamla Joe 7 · 1⤊ 0⤋