Emad Mekay, IPS News Service:
The U.S.-backed Iraqi cabinet approved a new oil law Monday that is set to give foreign companies the long-term contracts and safe legal framework they have been waiting for, but which has rattled labour unions and international campaigners who say oil production should remain in the hands of Iraqis.
Independent analysts and labour groups have also criticised the process of drafting the law and warned that that the bill is so skewed in favour of foreign firms that it could end up heightening political tensions in the Arab nation and spreading instability.
For example, it specifies that up to two-thirds of Iraq's known reserves would be developed by multinationals, under contracts lasting for 15 to 20 years.
Iraq's oil used to be a public resource, belonging to all iraqis. You could buy a gallon of gas with change you dug out of your couch. That's all changed now. The oil doesn't belong to iraqis anymore.
Mission accomplished.
Tags: news | politics | Iraq | oil | corporations | Bush | corruption
