Profit from Iraqi oil?

Question

Lots of people say the US went in to Iraq for oil, but I don't buy that. Where is the oil going? Who gets it? Who profits from it? If it's true then why are prices rising in the west?

Actual facts and figures would be good.

Answer 1

Thanks for your excellent question. It sounds like you are open minded and would like to get to the facts. There are many, many articles about this on the Internet.

It was reported that the US was upset at Saddam Hussein for planning a switch to the Euro from the US dollar. Right now the market of Iraqi oil is still in US dollars. I also heard that the plan was to sell leases to multinational oil companies.

I doubt that the Iraqi people will receive much benefit under the current 40 year leases. Privatization will result in huge profits for the oil companies.

Bremer Order #39: Foreign Investment

QUOTE:
http://www.ifg.org/analysis/globalization/IraqTestimony.html
Bremer Order #39, enacted on September 19, 2003, has five key elements: (1) Privatization of state-owned enterprises; (2) 100% foreign ownership of businesses in all sectors except oil and mineral extraction, banks and insurance companies (the latter two are addressed in a separate order); (3) "national treatment" of foreign firms; (4) unrestricted, tax-free remittance of all funds associated with the investment, including, but not limited to, profits; and (5) 40 year ownership licenses which have the option of being renewed.

------------ ABOUT OIL PRICES:
Oil prices will continue to escallate because of a phenomenon called "PEAK OIL." The press does not cover PEAK OIL despite the fact that it is nearly universally accepted as fact by most professionals.

Answer 2

Iraq is producing 2 millions bpd (barrels per day!) and for the month of October 2007, it earned 3.5 billion US dollars for its sale which is done by a tendering process and the buyers are mainly European nations and the USA only! No doubt the big oil companies of the western nations gets the oil, but neither the US companies nor the Euro companies are benefited by this sale of Iraqi oil !

America had never cheated Iraq nor it had invaded with intention to own the oil wealth of it! Its the politics of the middle east has forced it to have its military presence permanently in the west Asia! So, it took this costly measure, to benefit USA in the long run!

But the war is a definite invasion against all the international treaties signed by it including the United Nations in which it has the permanent membership of the security council with whip of veto power!

Answer 3

The American government do not have control of the Iraq oil..It is American owned oil companies that have control and of course all the profits,
World oil prices are rising as each country tries to biuld up a stock, fearing that the warmungering Bush will do the stupid thing and attack Iran.
Many of the top government officials (president included) are the main beneficaries of the oil companies.
American soldiers die to fill the pockets of these officials...!!

Answer 4

We don't have control of Iraq's oil. I am sure that we would like to, but The UN controls it. However the oil company's are making record proffits.