Sesktak Warns Iraqi Oil Law Contains ‘Undue Ability Of U.S. Oil

[slipslidingaway]

Companies To Control Iraqi Profits’

http://thinkprogress.org/2007/08/18/sestak-oil-law

"While the Bush administration has prodded the Iraqi government to pass the oil-sharing agreement, few members of Congress have voiced alarms over the details in the current bill. Rep. Joe Sestak (D-PA) recently told ThinkProgress that more attention needs to be paid to the oil legislation. “Who knows what’s in that,” he said. Sestak continued:

The indications from a draft of several months ago that the Kurds were using, is that…there is an undue ability of our oil companies to control the Iraqi profits by controlling the infrastructure and the wells that are there.

I mean they are going to get much more, if the draft is correct, of profits than we would under a normal oil sharing agreement, of these oil companies to a country like Saudi Arabia or others. Heaven forbid that at the end of this time, after all this, if we find out that there’s undue advantage given to our oil companies..."

[HysteryDiagnosis]

1. Hey, us baby boomers are invested in xyz corporation. They have

a responsibility to provide for us. We MUST have our retirements increase rather than decrease. Baby boomers are a result of WWII. Thus we can safely say that war has created a future need that must be answered by increasing share prices and shareholder dividends.

To this end corporate America MUST get theirs regardless of who may be in the way, be they Afghans, Iraqis or Iranians. It would seem to me that a far cheaper way to do this would be to create a sustainable society, one that isn't dependant on rabid consumerism and the Walmartization of the rural countryside.

It would now appear that the Iraqis know EXACTLY why shock and awe came to a theater near them.

[slipslidingaway]

3. Many people in Iraq knew from the beginning that this was about

resources, I doubt they were ignorant of what took place in the 1950's.

As for retirement accounts unfortunately everyone does not have one and under Bush there has been almost 1 trillion added to SS Trust Funds, now Bush says these notes are nothing but pieces of paper. Think we agree that the poor will suffer the most and those with substantial retirement accounts have been the real beneficiaries of the Iraq invasion.

One to two trillion dollars for this invasion :(


I have not read through all the info at the links below, but there is some discussion of the Consortium Agreement etc. so FWIW.


http://www.iranica.com/newsite/articles/ot_grp7/ot_oil_ind_ii_20041218.html

"After the nationalization of the oil industry in Iran in 1951 and the subsequent signing of the Consortium Agreement in 1954, exploration activities started anew in the Southern Province of K¨uzesta@n. Moreover, the new Petroleum Act of 1957 made it possible to sign many agreements with the international oil companies for both onshore and offshore exploration."


5 pages
http://www-personal.umich.edu/~twod/oil-ns/yergin/yergin_c23_iran_outline.pdf


"EFFECTS OF COUP

– Anglo-Iranian still unable to operate due to continued anti-British sentiment.
– Significant US involvement in Iranian oil through “Consortium”. US becomes a
major player in Iran and the MENA.

THE CONSORTIUM

– Formed by the US to reactivate Iran's oil industry.
– US govt pushed for investment into Iranian oil as a national policy.
– Criminal anti-trust case against 5 American oil companies called off and replaced
by civil action.
– Consortium agreement between US-led consortium and National Iranian Oil Co.
Signed. Consortium included Anglo-Iranian, four Aramco partners (Jersey,
Socony, Texaco and Standard Oil), Gulf, Shell, and CFP.
– Anglo-Iranian : 40 percent
– Shell : 14 percent
– Jersey : 8 percent
– Socony : 8 percent
– Texaco : 8 percent
– Standard Oil : 8 percent
– Gulf : 8 percent
– CFP : 6 percent
– US independent oil companies eventually gained access thru formation of a “subconsortium”.
– Each of the five American companies surrendered 1 percent (total of 5
percent) to a new entity, Iricon, composed of nine independent American oil
companies.

EFFECTS OF NATIONALIZATION ON IRANIAN ECONOMY

– Iran acquired some measure of control of its oil resources.
– July 1957: Iranian Oil Act passed; transformed the National Iranian Oil
Company (created by Mossadegh in 1951) into a functioning arm of the state.
– Iran able to negotiate for more favorable agreements during the Shah period.
– NOIC signed joint ventures with foreign companies (i.e. ENI and Standard
Oil); joint ventures were more beneficial to the NIOC than in the past.
– Shah's economic programs benefited from rising oil revenues."
Page 5 of 5

[MasonJar]

2. I am going to have to get back in touch with my rep; he sent me a

letter in response to my inquiries into stealing the Iraqis' oil and said that the House has already passed legislation protecting the oil for Iraqis. It has gone to the Senate. I must clarify because I was surprised that only about 23 reps voted against the protection.

[slipslidingaway]

5. That would be great, thank you. n/t

[dipsydoodle]

4. It's easy for them to control the profits

Once they've got the contracts they leave the oil where it is as a future reserve and it would become illegal for anyone else to access it.

[slipslidingaway]

7. And we need to have the 'proper government' in place to protect

the contracts.

[rodeodance]

6. the union for the oil workers in Iraq was told they were illegal by Maliki--they

know what is going on and Maliki is quieting them

[slipslidingaway]

8. Yes, I guess he was trying to save himself but it appears that

is failing.

[phillysuse]

9. It's Sestak - Admiral Joe Sestak,

the highest ranking former military officer to serve in Congress.

Go Joe!!!!