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The Reasons Behind Big Oil Declining Iraq's Riches

TIME -- Any notion that the invasion of Iraq was simply an oil grab took another hit on Tuesday when Baghdad opened the bidding on the rights to develop its massive energy reserves. In a day-long auction of eight huge oil fields — some of the world's biggest — virtually all the 41 foreign companies invited to bid by the Iraqi government balked at the Baghdad terms. The only contract signed was a 20-year deal for a consortium led by BP and China's National Petroleum Corporation to develop the giant Rumaila field in southern Iraq. "Frankly I did not think it would be such a fiasco and embarrassment for the government," says Rochdi Younsi, Director of Middle East and Africa for the Eurasia Group in Washington. "It shows the level of disconnect between the Ministry of Oil and the oil companies."

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Submitted Jul 04, 2009 By: JOHNNY95206

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jjjleblanc Champion Author Rochester Posts:2,188 Points:620,740 Joined:Jun 2008	Message Posted: Jul 6, 2009 10:13:54 PM Ignore jjjleblanc Report Abuse Conspiracy theory in action.
the1roadhog Champion Author Atlanta Posts:5,112 Points:1,080,655 Joined:Jun 2007	Message Posted: Jul 5, 2009 7:06:00 AM Ignore the1roadhog Report Abuse And what does the US receive for all the money and lives lost for this country? A seat at the bidding table? That's jacked up.
MPGKing All-Star Author New Jersey Posts:874 Points:227,570 Joined:Mar 2009	Message Posted: Jul 5, 2009 3:28:12 AM Ignore MPGKing Report Abuse It all boils down to greed.
FlyNFool Champion Author South Carolina Posts:3,556 Points:719,295 Joined:Aug 2008	Message Posted: Jul 5, 2009 12:45:04 AM Ignore FlyNFool Report Abuse That's not very smart on the Iraqi's part.
Pete12 Champion Author Albany Posts:1,925 Points:795,140 Joined:Nov 2005	Message Posted: Jul 4, 2009 11:32:42 PM Ignore Pete12 Report Abuse This should bring oil and gas down even further.
baddog58 All-Star Author Texas Posts:986 Points:428,575 Joined:May 2007	Message Posted: Jul 4, 2009 11:08:31 PM Ignore baddog58 Report Abuse Apparently Iraq needs to restructure the terms they are asking.
FuelBarge Champion Author Long Island Posts:4,138 Points:1,094,265 Joined:Aug 2005	Message Posted: Jul 4, 2009 10:14:53 PM Ignore FuelBarge Report Abuse I guess the joke is on us then. We paid hundreds of billions to preserve access to the oil and we get nuttin'.
TXGasPriceSpy Champion Author Fort Worth Posts:2,661 Points:499,545 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:42:55 PM Ignore TXGasPriceSpy Report Abuse How much will this action cost me at the gas pump? Something I'm sure.
pigmanTX Champion Author Houston Posts:1,281 Points:369,735 Joined:Nov 2008	Message Posted: Jul 4, 2009 9:35:04 PM Ignore pigmanTX Report Abuse Of course the world revolves around oil. This website would not be here otherwise.
PDQBlues Champion Author San Diego Posts:2,269 Points:500,375 Joined:Jan 2009	Message Posted: Jul 4, 2009 9:30:25 PM Ignore PDQBlues Report Abuse No one claimed that the invasion of Iraq was "simply" an oil grab. Oil was a major factor, as it was to greatly reward firms like Halibuton and the friends of the Bush administration. That, they did succeed, even at the expense of the American people.
RochBear Champion Author Minnesota Posts:5,532 Points:1,048,190 Joined:May 2006	Message Posted: Jul 4, 2009 9:29:21 PM Ignore RochBear Report Abuse and if no one develops these oil fields, Iraq won't get any revenue from them. They are showing how greedy the greedy can be.
bad_sailor Champion Author London Posts:2,964 Points:721,130 Joined:Dec 2007	Message Posted: Jul 4, 2009 9:29:00 PM Ignore bad_sailor Report Abuse The world does not revolve around oil.
FuelRacer1132 All-Star Author Iowa Posts:656 Points:159,890 Joined:May 2007	Message Posted: Jul 4, 2009 9:28:28 PM Ignore FuelRacer1132 Report Abuse BlueVanGroup, nicely put.
MUSTANGSRUS Champion Author Ontario Posts:4,717 Points:996,170 Joined:Sep 2006	Message Posted: Jul 4, 2009 9:21:13 PM Ignore MUSTANGSRUS Report Abuse And now what?
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Jul 4, 2009 9:10:14 PM Ignore jay4 Report Abuse Another fine example...
fizbos Champion Author Maine Posts:2,092 Points:1,037,660 Joined:May 2006	Message Posted: Jul 4, 2009 9:03:09 PM Ignore fizbos Report Abuse So Time Magazine says the Iraq war wasn't an oil grab? Funny, I didn't see any retractions or apologies to Bush.
leeso1 Champion Author San Diego Posts:2,637 Points:435,105 Joined:May 2009	Message Posted: Jul 4, 2009 8:59:12 PM Ignore leeso1 Report Abuse ...and on and on...
RunnigOnEmpty Sophomore Author Michigan Posts:137 Points:932,465 Joined:Aug 2005	Message Posted: Jul 4, 2009 8:57:52 PM Ignore RunnigOnEmpty Report Abuse There is a glut of oil now, who would invest now?
Focus2 Champion Author Illinois Posts:3,999 Points:1,210,905 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:53:39 PM Ignore Focus2 Report Abuse I always thought China would be interested. Remember when they sought to buy oil fields in our Gulf?
wt0826 Sophomore Author Ontario Posts:124 Points:53,275 Joined:Jun 2009	Message Posted: Jul 4, 2009 8:52:23 PM Ignore wt0826 Report Abuse Iraq is not free! It cannot make any decisions on its own. America owns Iraq now, why do we pretend that Iraq is a free nation that determines its own future?
BlueVanGroup Champion Author Colorado Posts:2,243 Points:572,410 Joined:May 2008	Message Posted: Jul 4, 2009 8:52:04 PM Ignore BlueVanGroup Report Abuse acknot: "The Iraqis are a backward people who need a dictator to tell them what to do. They are to uncivilized to govern themselves and to ignorant to capitalize on their own resources." It appears the current regime in Washington thinks that way about us Americans.
BlueVanGroup Champion Author Colorado Posts:2,243 Points:572,410 Joined:May 2008	Message Posted: Jul 4, 2009 8:49:03 PM Ignore BlueVanGroup Report Abuse "But Oil Minister Hussein Shahristani demanded that oil companies lower their profit expectations, offering to pay them $2 for every barrel pumped in Iraq rather than the $4-a-barrel rate sought by oil executives." Oil companies put up all the investment, take all the risk, and if everything goes well are only allowed a tiny fraction of the profit. (Perhaps the Iraqis studied at the Obama/Pelosi/Reid school of business?)
BH24 Champion Author Arkansas Posts:4,930 Points:1,116,675 Joined:May 2005	Message Posted: Jul 4, 2009 8:47:25 PM Ignore BH24 Report Abuse I shall anxiously await the liberal media's editorials admitting that they wewe wrong on the matter of "oil" being the real motive for Operation Freedom.
BlackHorse Champion Author Twin Cities Posts:2,454 Points:618,785 Joined:Dec 2002	Message Posted: Jul 4, 2009 8:39:13 PM Ignore BlackHorse Report Abuse I wonder how much oil each GI can stuff in his duffelbag on the way home?
milespergallon Champion Author Illinois Posts:4,973 Points:1,046,195 Joined:Feb 2007	Message Posted: Jul 4, 2009 8:37:48 PM Ignore milespergallon Report Abuse Before WE leave that country WE should TAKE the repayment for OUR expenses! I don't care what the reasons were that we were there but I do care about getting reapid for services rendered. They would not be able to be hold the auction if it weren't for a couple of countries like the United States of America!
vj24 Champion Author Michigan Posts:9,748 Points:1,875,475 Joined:May 2004	Message Posted: Jul 4, 2009 8:37:42 PM Ignore vj24 Report Abuse Too bad for them
Bussman Champion Author Dallas Posts:1,705 Points:519,465 Joined:Nov 2008	Message Posted: Jul 4, 2009 8:30:07 PM Ignore Bussman Report Abuse Hopefully the free market will dictate pricing and terms of any contracts.
acknot Champion Author Seattle Posts:1,490 Points:769,335 Joined:Sep 2003	Message Posted: Jul 4, 2009 8:28:10 PM Ignore acknot Report Abuse The Iraqis are a backward people who need a dictator to tell them what to do. They are to uncivilized to govern themselves and to ignorant to capitalize on their own resources.
fcdriver Champion Author Tennessee Posts:2,829 Points:595,520 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:15:11 PM Ignore fcdriver Report Abuse keep conserving
CLM06 Champion Author Tampa Posts:4,679 Points:1,111,240 Joined:Sep 2006	Message Posted: Jul 4, 2009 8:14:49 PM Ignore CLM06 Report Abuse Hope they starve
fcdriver Champion Author Tennessee Posts:2,829 Points:595,520 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:14:48 PM Ignore fcdriver Report Abuse keep conserving
e3p0 Champion Author Columbus Posts:2,179 Points:583,090 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:13:53 PM Ignore e3p0 Report Abuse I still think America should have the first options on all of it because of the steep price we have paid, both in terms of our troops and our money.
Slyguy1060 Champion Author Michigan Posts:6,509 Points:1,250,275 Joined:Feb 2007	Message Posted: Jul 4, 2009 8:10:40 PM Ignore Slyguy1060 Report Abuse Another example of the US screwing things up, we will never see a dime of the money we have invested in Iraq. I thought that Iraq was supposed to use the money from the sale of oil to pay us back, like that is ever going to happen.
mplato Champion Author Columbia Posts:4,226 Points:1,013,635 Joined:Jun 2004	Message Posted: Jul 4, 2009 8:07:56 PM Ignore mplato Report Abuse any money they get will probably be squandered and new palaces built with it
john382 Champion Author Illinois Posts:7,531 Points:1,510,825 Joined:Aug 2005	Message Posted: Jul 4, 2009 6:17:04 PM Ignore john382 Report Abuse Nice to see that Chin got in on the ground floor.
fightbigoil71 Champion Author Milwaukee Posts:2,765 Points:590,135 Joined:Nov 2008	Message Posted: Jul 4, 2009 6:09:07 PM Ignore fightbigoil71 Report Abuse I believe we should have a say in how Iraq's oil is developed.
misterray Champion Author Oregon Posts:2,116 Points:522,015 Joined:Aug 2008	Message Posted: Jul 4, 2009 6:04:59 PM Ignore misterray Report Abuse We would have saved more billions if we hadn't destroyed their country (and getting more than 4,000 U.S. lives lost). It's their oil, they should sell it to whomever they wish.
JPGKC Champion Author Tampa Posts:4,419 Points:821,825 Joined:Sep 2006	Message Posted: Jul 4, 2009 6:02:05 PM Ignore JPGKC Report Abuse Liberals will still make excuses for this one...
FordF2502001 Champion Author Mississippi Posts:3,046 Points:662,175 Joined:Sep 2008	Message Posted: Jul 4, 2009 6:00:24 PM Ignore FordF2502001 Report Abuse obviously we could have saved billions if we had just went in for oil, wake up people
CiVX Champion Author Oakland Posts:3,103 Points:528,585 Joined:Feb 2009	Message Posted: Jul 4, 2009 5:54:10 PM Ignore CiVX Report Abuse Just beacause it was a failure doesn't mean it was not the intent, as we saw with everything Bush/Chaney, and the Neo-Cons did.
Cheepo Champion Author Tampa Posts:5,054 Points:2,175,190 Joined:Apr 2003	Message Posted: Jul 4, 2009 5:52:44 PM Ignore Cheepo Report Abuse So much for the reason to go to war, big oil, ha, ha, ha!!!
seville04 Champion Author Albuquerque Posts:3,162 Points:1,150,615 Joined:Sep 2004	Message Posted: Jul 4, 2009 5:48:32 PM Ignore seville04 Report Abuse You are correct, Caddilac!
pokey469 Champion Author Hamilton Posts:1,134 Points:262,165 Joined:Sep 2005	Message Posted: Jul 4, 2009 5:47:41 PM Ignore pokey469 Report Abuse I agree with "yoeric"
CruisinLinda Champion Author Tallahassee Posts:6,431 Points:1,290,210 Joined:Sep 2005	Message Posted: Jul 4, 2009 5:47:32 PM Ignore CruisinLinda Report Abuse This clearly doesn't mean Bush/Cheney did not plan to grab the oil. Many of the oil companies that balked were not solely American, and the Iraqi goverment's terms were too expensive.
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Jul 4, 2009 5:43:45 PM Ignore RobRD Report Abuse There is going to be a compromise or this will blow up in Iraq's face and be a further blow to Bush's legacy as a president.
PithyOpiner Champion Author Stockton Posts:6,866 Points:707,870 Joined:Jun 2008	Message Posted: Jul 4, 2009 5:42:15 PM Ignore PithyOpiner Report Abuse You bet they will, Jaymac. That was just the first round of talks. One side asks for the ceiling and the other side jumps up and down saying it is way too high. Tomorrow they will come back and start to make deals. I'm not fooled by this. And, none of you should, either. It's just big- stakes poker.
JayMac08 Champion Author Jackson Posts:3,386 Points:205,430 Joined:Oct 2008	Message Posted: Jul 4, 2009 5:39:10 PM Ignore JayMac08 Report Abuse The Iraqis will change their tune to fit the world economy.
caddilac Champion Author Ontario Posts:10,642 Points:1,158,080 Joined:Apr 2007	Message Posted: Jul 4, 2009 5:36:13 PM Ignore caddilac Report Abuse It was an oil grab, but it backfired on them when the Iraqis realized they could auction off the oil fields to the highest bidder.
Bud122CA Champion Author California Posts:2,950 Points:674,505 Joined:Jul 2008	Message Posted: Jul 4, 2009 5:28:51 PM Ignore Bud122CA Report Abuse So Bush invaded just for the oil????
rjoeh Champion Author Michigan Posts:3,790 Points:1,582,765 Joined:Jun 2004	Message Posted: Jul 4, 2009 5:27:07 PM Ignore rjoeh Report Abuse An auction should not have the seller impose a ton of requirements on the bidders if they want to sell the commodity. As rookies in the world oil business after several years of being out of business... this reaction was no surprise to many, despite news reports.