Iraq Could Have The Largest Oil Reserves In The World
NO - OIF was NOT fought for oil..
Wouldn’t it be something, if Iraq turned around and saved the worlds economy after everything they and the US had been through?
Thought for the day…
From the other day:
Iraq War For Oil … Maybe Now We’ll See Some
Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.
The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”
The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”
BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.
Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.
The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”
The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”
BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.
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Conspiracy theorists’ heads to collectively explode in 3…2…1….
Now, don’t get me wrong; I think this war was fought over much bigger issues than oil and I think it was the right thing to do. But the thing that has always amazed me about the “no war for oil” crowd is that they seem to think that someone else is using all that oil.
May 22nd, 2008 at 11:35 amWe knew what we were doing when we went in there.
May 22nd, 2008 at 11:42 amHmm I think we need to build a wall around Iraq and call it America 2.
More oil for us. lol
May 22nd, 2008 at 11:43 amFungible asset: http://www.answers.com/topic/fungibility?cat=biz-fin
Just get it on the market, the price will take care of itself. We need to get some things settled with Iran so they can’t continue manipulating the market by simply saying “boo” every now and then.
I don’t have the link but I read somewhere that Alaska is planning to allow drilling on State lands near ANWR and with horizontal drilling technology they can get to the oil there.
May 22nd, 2008 at 11:44 amWon’t do any good if our corrupt oil companies don’t build or rebuild refineries! The last refinery built was over 30 Years ago!!!
May 22nd, 2008 at 11:46 amYeah we definitely need new refineries and thats something this country should start doing ASAP. it would also be nice to have a few more Nuke plants built as well. take some more US cities off the current grid because Nuke plants do not
pollute and they last forever.
thank God for horizontal drilling. That actually seems like something we can find a little peace in knowing.
May 22nd, 2008 at 11:50 amCorrupt oil companies not building refinerys?….
May 22nd, 2008 at 12:03 pmThe Tribal lands in the Dakotas are going to be the site of at least one new refinery because they can pretty much tell the EPA and the rest of the Enviro-whackos to eat shit if they don’t like it. That is why the “corrupt oil companies” have been expanding capacity at already over driven refineries instead of building new ones. Of course, I’ll porbably get the “you drank the kool-aide” bit.
There is profit in new refineries(the point of capitalism), but not when you have to fight the Sierra Club and friends in the courts for decades just to break ground. Who was crying for the “corrupt oil companies” when oil was so cheap that exploration couldn’t be financed and the electricity to pump the oil cost more than the oil was worth(all the idle wells in the Midwest attest to that). For those that think the “corrupt oil companies” should forgo their profits, buy some stock.
But oil is causing gloooooobball waaaaaaaaaarrrmmmiiing!!!
Signed: Al Gore
Teeheehehe, Can you imagine the mess we’d be in right now if Gore had won the 2000 election? It boggles the mind!
May 22nd, 2008 at 12:07 pm“…the thing that has always amazed me about the “no war for oil” crowd is that they seem to think that someone else is using all that oil.”
Which is what tells you that the ‘politics’ of the ‘left’ is the same old same old from 40 years ago. Kennedy and Johnson escalated Vietnam without a whimper from them but when a Republican got elected the shit hit the fan about war.
May 22nd, 2008 at 12:55 pmTheir ‘politics’ sucked then and it still sucks today. Absolutely zero conscience about using our brave young men and women as political cannon fodder.
Three words - Man-bear-pig
May 22nd, 2008 at 12:57 pmI’m super serial
i listened to an army col. this morning talk about how well the iraqi oil business is going and how well it is being protected by the iraqi army,, that the oil revenues are now being distributed to the provinces for the first time,, the cash is being used to pay workers and build a stable economy for the iraqi people..any damage to the oil pipelines can be fixed in less than 24hrs to maintain steady oil flow levels… seems to me that our goal of a stable iraq is starting to take place,,, the good col. also stated that violence is way down and that sadr city, basara and mosul are finally finding it better to be peacefull than violent…
May 22nd, 2008 at 2:28 pmThe war for oil crowd don’t understand that the world runs on oil. They are also the one complaining about oil prices as they support every option imaginable to stop American oil production and refineries.
I just hope the Iraqi’s remember the Gop are the only people that stood shoulder to shoulder with them. I might suggest that the Iraqi oil ministry make their support for president known throughout the world but especially the United States.
May 22nd, 2008 at 3:06 pmGood do on the retort.
Re: Tribal lands in Dakota—Just might be some hapless “skimo” tribe in AK might lay claim to their “ancient tribal lands” which happen to include ANWAR–
May 22nd, 2008 at 3:11 pmJust a thought–
Some of the oil CEOs laid it on the Senate, expecially the guy from Shell. He said Congress has the keys to the oil fields and they are sitting on their thumbs (so to speak). Didn’t get much play in the media who were all pretending that CEOs got beat up.
Is that real information about Indian tribes building refineries, or BS? That would be a great gothca if they did.
Al Gore gave a speech in Israel this week. I wonder if he rowed his boat over there. I think not. I wish we had the guts to fight for oil; and announce it.
May 22nd, 2008 at 6:10 pmWith all the American BLOOD & billions in TAX dollars, we should be getting FREE GAS! $5.00 a gallon for diesel is bullshit!
May 23rd, 2008 at 10:19 am