EMERGENCY CONG PROBE NEEDED-Iraq Oil Profits Await ExxonMobil, Others

[kpete]

Emergency Cong. Probe Needed/Impeachment Fuel Immense, Deadly, Iraq Oil Profits Await ExxonMobil, Others, Courtesy U.S. Govt.
Submitted by davidswanson on Tue, 2006-01-17 10:39. Impeachment
By Nick Mottern, coordinator, www.ConsumersforPeace.org

The Bush government is pushing Iraq to sign oil agreements with multi-national oil companies like ExxonMobil that would give firms extraordinary profits ranging from 42% to 162%, compared to the 12% minimum that is normally considered profitable.

The agreements, which were engineered in the U.S. State Department prior to the 2003 invasion of Iraq, would, at $50 a barrel of oil, deprive Iraq of $94 to $250 billion over the 30 -life of the contracts compared to what it would get from direct production by a state-owned company. With oil at the current $60 a barrel plus, the loss would be even greater than these conservative estimates suggest.

The information, which has received little press coverage in the United States, even though it was distributed widely, is contained in a report issued by the London-based Platform entitled “Crude Designs: The Rip-Off of Iraq’s Oil Wealth.” It was published in November 2005 and has received much press attention in Europe. The U.S. press has studiously ignored questions about who is benefiting from the invasion and occupation.

“…the pressure for Iraq to adopt (the agreements) is substantial,” the report says. “The current government is fast-tracking the process and is already negotiating contracts with oil companies in parallel with the constitutiional process, elections and passage of the Petroleum Law.” Note that U.S. front man Ahmad Chalabi has just been made Iraq’s oil minister.

more at:
http://www.afterdowningstreet.org/?q=node/6860

[RufusEarl]

1. It wasn't about the oil, yea right!!

[spindrifter]

2. We definitely need

to get and keep this in the public eye--even if Corporate Media won't pick it up yet, this is a travesty. This is worse than the H*burton contracting. It's worse than outsourcing military operations. And we will be paying through the nose.

[dweller]

3. Crude Designs: link

pdf file

http://www.neweconomics.org/gen/z_sys_publicationdetail.aspx?pid=215

"The agreements, which were engineered in the U.S. State Department prior to the 2003 invasion of Iraq"

now that just leaps out at ya, doesn't it?

dp

[NVMojo]

4. I hope Reid jumps on this! And gets backing for attack!