General Question

robmandu's avatar

So, who actually has been stealing Iraq's oil?

Asked by robmandu (21203 points ) October 21st, 2011

What with Obama’s announcement today that he’s withdrawing all US troops from Iraq by the end of the year, it seemed like a good time to ask.

I mean, has the US been stealing it all along? And is still? Or is it that all of the western-affiliated nations have their hands in the till? Or has their only ever been the “normal” corruption prevalent there as established by Saddam in the first place?

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7 Answers

Hibernate's avatar

Well think of it another way. Was US territory to go there and “claim” they help out? I mean beside the “peace” you guys provided there you took a lot of oil from them.

mazingerz88's avatar

Right now I would say no one, based on what I have read and understand so far. Please enlighten me where you got the idea that the US is stealing oil from Iraq. I would love to learn about that. News I got hold of months ago said US companies have stopped bidding on oil production contracts there and that Chinese companies have stepped in. Haven’t read any info on the latest to that.

flutherother's avatar

American oil services companies such as Schlumberger, Baker-Hughes and Dick Cheney’s company, Halliburton, are going to make tens of billions of dollars from Iraqi oil according to this article. Is anyone surprised?

SquirrelEStuff's avatar

@flutherother

I posted a link in a question asked about Uganda the other day.
The link is an oil conference the was held in Uganda in January. Guess which companies sponsored the conference?

jaytkay's avatar

I thought the country is still so disrupted that oil production is low, but Googling shot down that theory.

Dec 27, 2010 Iraq’s Crude Oil Production Reaches Highest in 20 Years, Oil Minister Says

Zaku's avatar

The main economic effect of Saddam being hostile, or of the US occupying Iraq, was not to steal oil, but to control the price oil is sold at, and the rate of extraction. Saddam was doing or threatening to do unpredictable things with selling oil, which made it hard to predict the price of oil, which could cause lots of massive corporations to make much less profit than if they could reliably predict the changes in the price of oil. Profiteering on oil is more about how much you can charge above cost, not wholesale theft of oil.

Zaku's avatar

Oh, and by the way, having a war in the Gulf was a conveniently plausible excuse for US oil companies to raise gas prices in the US and make massive profits, which they did.

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