Tuesday, February 27, 2007

Iraqis Reach an Accord on Oil Revenues

Wait one cotton picking minute! I thought the evil George McChimpyBushHitlerburton was stealing it for us!! Just ask the moonbats! They'll tell you all about it.

From the journal of record the NYTIMES. (Let us bow down to their superior knowledge):

BAGHDAD, Feb. 26 — The Iraqi cabinet approved a draft of a law on Monday that would set guidelines for nationwide distribution of oil revenues and foreign investment in the immense oil industry. The endorsement reflected a major agreement among the country’s ethnic and sectarian political blocs on one of Iraq’s most divisive issues.

The draft law approved by the cabinet allows the central government to distribute oil revenues to the provinces or regions based on population, which could lessen the economic concerns of the rebellious Sunni Arabs, who fear being cut out of Iraq’s vast potential oil wealth by the dominant Shiites and Kurds. Most of Iraq’s crude oil reserves lie in the Shiite south and Kurdish north.
The law also grants regional oil companies or governments the power to sign contracts with foreign companies for exploration and development of fields, opening the door for investment by foreign companies in a country whose oil reserves rank among the world’s three largest.

There are more details at the article - details of how this will be accomplished are sketchy but it sounds to me like a big fat greasy money trough where corrupt politicians and sheiks will be feasting. The UN Oil for Food program comes to mind.