« A Creepy Creepy True Story | Main | The "Airhead' Motorbike »

Iraq Signs Major Oil Deal With China

In it's first major oil deal with a foreign country since the American and British effort to bring down Saddam Hussein, China will end up winning a $3 billion contract to develop oil in Iraq. It is the first major foreign oil deal in the nation in the last 35 years. The China National Petroleum Company will be allowed a 20 year contract to develop oil in Iraq's Southern Wasit province according to the terms of the major deal.

Interestingly, while it was well known that the 2003 George Bush effort to topple the Saddam Hussein regime was all about putting Iraq's oil under "International control" according to Paul Wolfowitz's own words, China seems to have so far emerged as the biggest winner for all that effort and bloodshed.

Instead of putting more oil on the world market from Iraq from the Bush war in Iraq, production still lags below the pre1991 war levels, although oil production now is nearly as good as days prior to the 2003 effort to topple Saddam Hussein. Oil prices actually nearly doubled to around $4 a gallon as a result of this war at one point, the war only lowering overall oil production levels from Iraq. Rather than providing more oil or cheaper oil, the Bush premise to create war in Iraq to get more oil effort failed on both counts. Traditionally most colonialist wars in poor nations have been all about getting the poor nation's national resources to benefit wealthy interests in nations such Britain, France or the United States. iraq oil.jpg

The American war effort in Iraq has cost at least $683.6 billion dollars so far, and cost the U.S. 4,321 dead, and left 31, 156 American service persons wounded. Americans paid the huge costs of this war, had their sons and daughters come home in body bags or in wheelchairs, but China will see the benefits of the oil from Iraq. Way to go George Bush.

Mission Accomplished?


Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please come see him there!

  • Currently 0/5
  • 1
  • 2
  • 3
  • 4
  • 5
Rating: 0/5 (0 votes cast)


Comments (5)

LiberalNightmare:

I thought we had already stolen all of the Iraqi oil... Isnt that why we were there in the first place?

JLawson:

That was the story, LN. Wouldn't be surprised to find some bill somewhere that banned US companies from bidding on this...

Mac Lorry:
Americans paid the huge costs of this war, had their sons and daughters come home in body bags or in wheelchairs, but China will see the benefits of the oil from Iraq.

Everyone knows or should know by now that oil is a global market. For every barrel of oil China gets from Iraq that's one less barrel they get from somewhere else, and thus, this deal has no effect on the price we pay for oil.

However, with this deal China becomes more dependent on peace and stability in the middle east, and thus, their interests in the region become much the same as those of the U.S. This deal couldn't have happened without the change in Iraq's government. Way to go George Bush., Mission Accomplished.

Besides, with Obama's new carbon cap and tax law, we don't need foreign oil anyway, right? We'll get all the energy we need from the hot air coming out of DC.

GarandFan:

Gee, largest growing economy in the world, and no one saw that coming? Oh, and for you ecofreaks, the Chinese are still opening one new coal fired electrical plant each week. So how's that carbon thing working out for you? Get used to seeing "Made in China" because damned little will be made in this country any longer.

Rosa:

According to this: http://www.newsy.com/videos/iraq_s_black_gold
part of the reason why China was one of the few countries to win contracts is because the contracts themselves are high risk. This is not the traditional neo-colonialism that we expected from the war. Though I am by no means defending the war or President Bush, but Iraq's oil future is largely in their hands. The state will retain a major controlling interest in production while, foreign investors act as contractors subsidized by the state.


Contact

Send e-mail tips to us:

[email protected]

Advertisments

Categories

Archives

Technorati



Add to Technorati Favorites

Credits

Publisher: Kevin Aylward

Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

All original content copyright © 2007 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark. Wizbang Blue™ is a trademark of Wizbang®, LLC.

Powered by Movable Type 3.35

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.