Grabbing Iraq's Oil

July 20, 2008

On July 1, Iraq's oil ministry began auctioning off Iraq's oil fields to U.S. and other foreign oil monopolies. Iraq's oil industry has been closed to foreign exploitation since 1972.

Under direction of American advisors, the puppet Iraqi government has already drafted no-bid “technical support” contracts for Exxon Mobil, Shell, BP, Total and Chevron. Each contract is worth $500 million and gaining the contracts provides an obvious upper-hand to these monopolies for grabbing future contracts.

Iraq has the third largest known oil reserves in the world.

U.S. imperialism launched the war in Iraq in order to grab new economic territory for the big corporations and is continuing to use its military force to proceed with the takeover of Iraq's economy.