For a very long time we have heard nothing except how the war is about oil. We went in for oil, no blood for oil, blah,blah. The fact is, Iraq has about a third of the world’s oil supply so if we were going there we should expect some sort of payment when they began pumping the black gold once again. The problem is, Iraq is not in a position to get the oil flowing and they will rely heavily on western companies to help them out.
There is word out today that a law will be passed in Iraq that allows large western companies like Exxon and BP to come in and get the oil flowing. In the early stages the companies will retain 75% of the profits. That seems excessive to some but they will get that amount until they recoup the cost of their investment. Then they will receive 20% after that. There are still some who think that since 20% is twice what companies take elsewhere, that it too much. Of course, no one is getting shot at or blown up in those other places so it is likely that the major companies will have larger expenditures related to security.
I am all for western companies working to get that oil out and am in favor of them being paid well for it. This will help things get moving along there and it will help the Iraqi economy. The perception might be that they are being punished because of the turmoil and that might be the case but they need to step up and help stop the problems. If they want to get back on their feet the oil needs to start flowing in order to pump up their economy.
We should make sure that enough of the profits come to the American coffers so we can get back some of the cast of the war. Once the Iraqis have paid their debts, then they can really prosper from the sale of the oil. Those with oil company stock (including many Democrats) and those with Iraqi Dinars will be happy about this.
Of course, the war was all about oil. The left knows it. They just believe that it took this long because the president is a bit slow. I realize however, if it was really about oil we could have just carpet bombed the place, killed everyone and then we could have walked in unabated and taken what we wanted.