Best of the Week
Most Popular
1. Dollargeddon - Gold Price to Soar Above $6,000 - P_Radomski_CFA
2.Is Gold Price On Verge Of A Bottom, See For Yourself - Chris_Vermeulen
3.Dow Stock Market Trend Forecast 2018 - Nadeem_Walayat
4.Gold Price to Plunge Below $1000 - Key Factors for Gold & Silver Investors - P_Radomski_CFA
5.Why The Uranium Price Must Go Up - Richard_Mills
6.Dow Stock Market Trend Forecast 2018 - Video - Nadeem_Walayat
7.Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future” - GoldCore
8.More Signs That the Stock Market Will Rally Until 2019 - Troy_Bombardia
9.It's Time for A New Economic Strategy in Turkey - Steve_H_Hanke
10.Fiat Currency Inflation, And Collapse Insurance - Raymond_Matison
Last 7 days
Gold Price Seasonal Trend Analysis - Video - 20th Sep 18
The Stealth Reason Why the Stock Market Keeps On Rising - 20th Sep 18
Sheffield School Applications Crisis Eased by New Secondary Schools Places - 20th Sep 18
Precious Metals Sector: It’s 2013 All Over Again - 19th Sep 18
US Dollar Head & Shoulders Triggered. What's Next? - 19th Sep 18
Prepare for the Stock Market’s Volatility to Increase - 19th Sep 18
The Beginning of the End of the Dollar - 19th Sep 18
Land Rover Discovery Sport 'Approved Used' Bad Paint Job - Inchcape Chester - 19th Sep 18
Are Technology and FANG Stocks Bottoming? - 18th Sep 18
Predictive Trading Model Suggests Falling Stock Prices During US Elections - 18th Sep 18
Lehman Brothers Financial Collapse - Ten Years Later - 18th Sep 18
Financial Crisis Markets Reality Check Now in Progress - 18th Sep 18
Gold’s Ultimate Confirmation - 18th Sep 18
Omanization: a 20-year Process to Fight Volatile Oil Prices  - 18th Sep 18
Sheffield Best Secondary Schools Rankings and Trend Trajectory for Applications 2018 - 18th Sep 18
Gold / US Dollar Inverse Correlation - 17th Sep 18
The Apple Story - Trump Tariffs Penalize US Multinationals - 17th Sep 18
Wall Street Created Financial Crash Catastrophe Ten Years Later - 17th Sep 18
Trade Wars Are Going To Crash This Stock Market - 17th Sep 18
Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - 17th Sep 18
Financial Markets Macro/Micro View: Waves and Cycles - 17th Sep 18
Stock Market Bulls Prevail – for Now! - 17th Sep 18
GBPUSD Set to Explode Higher - 17th Sep 18
The China Threat - Global Crisis Hot Spots & Pressure Points - 17th Sep 18 - Jim_Willie_CB
Silver's Relationship with Gold Reaching Historical Extremes - 16th Sep 18
Emerging Markets to Follow and Those to Avoid - 16th Sep 18
Investing - Look at the Facts to Find the Truth - 16th Sep 18
Gold Stocks Forced Capitulation - 15th Sep 18
Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - 15th Sep 18
Trading The Global Future - Bad Consequences - 15th Sep 18
Central Banks Have Gone Rogue, Putting Us All at Risk - 15th Sep 18
Gold Price Seasonal Trend Analysis - 14th Sep 18
Growing Number of Small Businesses Opening – and Closing – In the UK - 14th Sep 18
Gold Price Trend Analysis - Video - 14th Sep 18
Esports Is Exploding—Here’s 3 Best Stocks to Profit From - 13th Sep 18
The Four Steel Men Behind Trump’s Trade War - 13th Sep 18
How Trump Tariffs Could Double America’s Trade Losses - 13th Sep 18
Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - 13th Sep 18
Trading Cryptocurrencies: To Win, You Must Know Where You're Wrong - 13th Sep 18
Gold, Silver, and USD Index - Three Important “Nothings” - 13th Sep 18
Precious Metals Sector On a Long-term SELL Signal - 13th Sep 18
Does Gambling Regulation Work - A Case Study - 13th Sep 18
The Ritual Burial of the US Constitution - 12th Sep 18
Stock Market Final Probe Higher ... Then the PANIC! - 12th Sep 18
Gold Nuggets And Silver Bullets - 12th Sep 18
Bitcoin Trading - SEC Strikes Again - 12th Sep 18

Market Oracle FREE Newsletter

Trading Any Market

1 Million Killed, Iraq the Biggest Petroleum Heist in History?

Politics / Iraq War May 25, 2014 - 01:16 PM GMT

By: Mike_Whitney

Politics

“Prior to the 2003 invasion and occupation of Iraq, US and other western oil companies were all but completely shut out of Iraq’s oil market. But thanks to the invasion and occupation, the companies are now back inside Iraq and producing oil there for the first time since being forced out of the country in 1973.” – Antonia Juhasz, oil industry analyst, Al Jazeera.

These are the ‘best of times’ for the oil giants in Iraq. Production is up, profits are soaring, and big oil is rolling in dough. Here’s the story from the Wall Street Journal:

“Iraq’s oil production surged to its highest level in over 30 years last month, surprising skeptics of the country’s efforts to restore its oil industry after decades of war and neglect.” (Wall Street Journal)


Mission accomplished?

You bet. But for those who still cling to the idea that the US was serious about promoting democracy or removing a vicious dictator or eliminating WMD or any of the other kooky excuses, consider what we’ve learned in the last couple weeks. Here’s the story from Aljazeera:

“While the US military has formally ended its occupation of Iraq, some of the largest western oil companies, ExxonMobil, BP and Shell, remain.

On November 27, 38 months after Royal Dutch Shell announced its pursuit of a massive gas deal in southern Iraq, the oil giant had its contract signed for a $17bn flared gas deal. Three days later, the US-based energy firm Emerson submitted a bid for a contract to operate at Iraq’s giant Zubair oil field, which reportedly holds some eight million barrels of oil.

Earlier this year, Emerson was awarded a contract to provide crude oil metering systems and other technology for a new oil terminal in Basra, currently under construction in the Persian Gulf, and the company is installing control systems in the power stations in Hilla and Kerbala. Iraq’s supergiant Rumaila oil field is already being developed by BP, and the other supergiant reserve, Majnoon oil field, is being developed by Royal Dutch Shell. Both fields are in southern Iraq.” (“Western oil firms remain as US exits Iraq”, Dahr Jamail, Aljazeera.)

If it sounds like the big boys are dividing the spoils among themselves; it’s because they are. Exxon, BP, Shell; they’re all here. They all have their contracts in hand, and they’re all drilling their brains out thanks to the American servicemen and women who gave their lives for some trumped up baloney about WMD. Isn’t that what’s going on?

Sure it is. And even now–after all the reasons for going to war have been exposed as lies–the farce continues. Nothing has changed. Nothing. There’s still no talk of reparations, no official investigation, no indictments, no prosecutions, no trials, no penalties, no nothing. Not even a stinking apology. Just a big “up yours” Iraq. We’re way too important to apologize for killing a million of your people and reducing your five thousand year old civilization to a pile of rubble. Instead, we’ll just screw you some more and paper it over with a little public relations, like Obama did a couple weeks ago when he promised to “leave behind a sovereign, stable and self-reliant Iraq, with a representative government that was elected by its people”.

Oh yeah. Obama’s all about sovereignty and stability, everyone knows that. That’s why Baghdad is the terror capital of the world, because Obama’s so committed to security.

These PR blurbs are effective though, they provide the necessary cover for leaving enough troops behind to protect the oil installations and pipelines. That’s the kind of security Obama cares about. Security for the oiligarchs and their stolen property. Everyone else can fend for themselves, which is why Baghdad is such a bloody mess. Here’s more from Aljazeera:

“Prior to the 2003 invasion and occupation of Iraq, US and other western oil companies were all but completely shut out of Iraq’s oil market,” oil industry analyst Antonia Juhasz told Al Jazeera. “But thanks to the invasion and occupation, the companies are now back inside Iraq and producing oil there for the first time since being forced out of the country in 1973.” (Aljazeera)

Yeah, thanks for that invasion, Mr. Bush. We couldn’t have done it without you, guy. Hope you have a great retirement painting pictures of poodles and stuff while people continue to get blown to pieces in the terrorist Hellhole you created. Here’s more Al Jazeera:

“Juhasz, author of the books The Tyranny of Oil and The Bush Agenda, said that while US and other western oil companies have not yet received all they had hoped the US-led invasion of Iraq would bring them, “They’ve certainly done quite well for themselves, landing production contracts for some of the world’s largest remaining oil fields under some of the world’s most lucrative terms.”

Dr Abdulhay Yahya Zalloum, an international oil consultant and economist …(said) he believes western oil companies have successfully acquired the lions’ share of Iraq’s oil, “but they gave a little piece of the cake for China and some of the other countries and companies to keep them silent”. (Aljazeera)

How do you like that? These guys operate just like the Mafia. The Bossman pays off China with a few million barrels, and China keeps its mouth shut. Nice. Everyone gets “their cut” so they don’t go blabbing to the media about the ripoff that’s taking place in broad daylight. The stench of corruption is overpowering.

And here’s something else you won’t see in the media. In a White House press release, the Obama administration announced that they would continue to support Iraq’s “efforts to develop the energy sector” in order to “help boost Iraq’s oil production.”….

According to Assim Jihad, spokesman for Iraq’s ministry of oil, “Iraq has a goal of raising its oil production capacity to 12m bpd by 2017, which would place it in the top echelon of global producers.” (Aljazeera)

“12 million barrels-per-day by 2017″?

That makes this the biggest petroleum heist in history. And we’re supposed to believe that the oil bigwigs didn’t know anything about this before the war? What a crock! I’ll bet you even money the CEOs and their lackeys figured out that Saudi Arabia was running out of gas, so they decided to pick up stakes and move their operations to good old Mesopotamia. That’s why they put their money on Bush and Cheney, because they knew that two former oil men would do the heavy lifting once they got shoehorned into the White House. The whole thing was a set-up from the get-go, right down to the 5 shady Supremes who suspended the voting in Florida and crowned Bush emperor in 2000. The whole thing was probably mapped out years in advance.

Big oil runs everything in America. People talk about the power of Wall Street and Israel, but oil is still king. They run it all, and they own it all. And “what they say, goes.” Here’s more:

“Juhasz explained that ExxonMobil, BP and Shell were among the oil companies that “played the most aggressive roles in lobbying their governments to ensure that the invasion would result in an Iraq open to foreign oil companies”.

They succeeded,” she added. “They are all back in.” (Aljazeera)

Hooray. Big oil wins again, and all it cost was a million or so Iraqis who got blown to bits air raids or shot up at checkpoints, or beaten to death with a rubber hose at Abu Ghraib or any of the other democracy reeducation centers that dot the countryside. But, hey, look at the bright side: At least production is up, right? Can you see how sick this is? Here’s more:

“Under the current circumstances, the possibility of a withdrawal of western oil companies from Iraq appears remote, and the Obama administration continues to pressure Baghdad to pass the Iraq Oil Law.” (Aljazeera)

And what is the “Iraq Oil Law”, you ask?

It’s a way to privatize the oil market using Production Sharing Agreements (PSAs) which disproportionately benefit the corporations. Obama’s a big backer of the law since it means even heftier profits for his thieving friends. In other words, the humongous profits they’re already skimming off aren’t quite good enough. They want more. They want to own the whole shooting match lock, stock and barrel.

This is really an outrage. What other country behaves like this?

No one. No other country in the world goes out and kills a million people, destroys their country, and leaves them to scrape by on next to nothing just so they can pad the bank accounts of voracious plutocrats have more dough than they know what to do with. No one else would even dare to act like that for fear that they’d get bombed into annihilation by the world’s biggest bullyboy, the US of A. Only the US can get away with this type of crap, because the US is a law unto itself.

Iraq was the Cradle of Civilization. Now it’s the cradle of shit. The US decimated Iraq; blew it to bits, bombed its industries, its bridges, its schools, its hospitals, leveled its cities, polluted its water, spread diseases everywhere, killed its kids, pitted brother against brother, and transformed a vibrant, unique country into a dysfunctional cesspit run by opportunists, gangsters, and fanatics.

And, here’s the corker: No one gives a rip. Face it: No one gives a flying fu** about Iraq. The American people lost interest long ago, the politicians can’t be bothered, and the UN is too afraid of the US to lift a finger to help. They’d rather stamp their feet and scold Putin over Crimea than utter a peep about the genocide in Iraq. That’s the state of things today, right? No accountability for the men who started the war, and no justice for the victims. Just the infrequent (phony) pronouncement of support from the White House or the all-too-frequent sectarian bombing that leaves an untold number of civilians dead or wounded. This is all the US leaves behind; hatred, death and destruction.

Here’s a clip from a poem by Iraqi writer who wants readers to take a minute and think about all the suffering the United States has created. The poem is titled “Flying Kites”:

“Come and see our overflowing morgues and find our little ones for us…

You may find them in this corner or the other, a little hand poking out, pointing out at you…

Come and search for them in the rubble of your “surgical” air raids, you may find a little leg or a little head…pleading for your attention.

Come and see them amassed in the garbage dumps, scavenging morsels of food…

Come and see our little ones, under-nourished or dying from disease. Cholera, dysentery, infections…

Come and see, come….” (“Flying Kites” Layla Anwar)

A million people were killed so a few rich fu**ers could get even richer. That’s a hell of a legacy.

By Mike Whitney

Email: fergiewhitney@msn.com

Mike Whitney lives in Washington state. He is a contributor to Hopeless: Barack Obama and the Politics of Illusion (AK Press). Hopeless is also available in a Kindle edition. Whitney’s story on declining wages for working class Americans appears in the June issue of CounterPunch magazine. He can be reached at fergiewhitney@msn.com.

© 2014 Copyright Mike Whitney - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Mike Whitney Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules