Big Oil's the Winner In Iraq

The coalition of the drilling can finally pop the champagne corks in Iraq. Iraq's cabinet has just approved a draft oil law that hands the country's petro-riches to Big Oil on a bureaucratic platter. No oil or gas contract will be signed in Iraq without the approval of a so-called Federal Oil and Gas Council. The unelected council will have oil experts from both within and outside the country calling the shots.

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