Monday, January 08, 2007

Iraq's massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi parliament within days.

The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday. It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.
Keep an eye on this one. Both the outcome and the coverage should be interesting.

UPDATE. Commenter LA Confidential Pantload points to this RedState post, in which "Socrates" (I imagine RedState staff meetings as sad Symposia with giant bottles of Mr. Pibbs instead of wine) argues that we've been too nice to our "defeated" "enemy" in Iraq (you know, the erstwhile flower-strewing freedom-lovers). "Victory is incomplete until the loser internalizes the outcome," he says. But DeBa'athification, hanging Saddam, and turning the nation into a hellhole haven't led to the right sort of internalization, so what will? Maybe something like the Pol Pot Year Zero formula, after we get the future corpses to help us erect the derricks. For added laffs, check out ol' Soc's interpretations of the American Civil War and WWI.

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