1st December 2005

A new report shows that Iraq will lose up to US $194 billion in oil "rip-off" (i) - Greens write to Blair

Philip Booth, a Gloucestershire Green party spokesperson said: "Iraq's future oil wealth is being handed to US and British multinational oil companies through long-term contracts that will cost Iraq hundreds of billions of dollars. Instead of a new beginning Iraq is being caught in a very old colonial-style trap. This is dangerous and further ammunition for terrorists. We are all losers in an unjust world. Those of us here in Gloucestershire whether we supported this war or not should be demanding the Iraqi people have justice now."

Iraq has the world’s third largest oil reserves. The report reveals that current Iraqi oil policy will allocate the development of at least 64 per cent of Iraq’s reserves to foreign oil companies and that the long-term contracts would guarantee massive profits to foreign companies, with rates of return of 42 per cent to 162 per cent. The report also claims that the form of contracts being promoted is the most expensive and undemocratic option available.

Philip Booth, who has written on behalf of the Gloucestershire Green party to Mr Blair, said: "Iraq’s oil should be for the benefit of the Iraqi people, not foreign oil companies. Greens want to see a full and open debate about the way oil resources are to be developed - 30-year deals negotiated behind closed doors should not be permitted. This is another confirmation that the Iraq war was about oil, profits and plunder."

Philip Booth said: "Bush has said (today) no troops out until 'complete victory' despite Clinton, Kerry and even his own troops saying the troops are fueling the insurgency. The same is true of Britain. We must get our troops out and a UN Peacekeeping force to take over."

Notes:

(i) A copy of the new report, "Crude designs: the rip off of Iraq’s oil wealth" can be downloaded free at:
http://www.neweconomics.org/gen/news_crudedesigns.aspx