Hands off Iraqi oil
Hands off Iraqi oil
"Where is the oil going to come from? The Middle East, with two thirds of the world's oil and the lowest cost, is still where the prize ultimately lies." - US Vice President Dick Cheney
Amid the daily violence suffered by Iraqis, oil companies and the US and UK governments are taking advantage of the country's weakness to secure long-term control over Iraq's enormous oil reserves.
Most Iraqis believe that control of their oil fields was one of the central aims of the war. Iraq's reserves are the second largest in the world, and oil is central to the Iraqi economy, accounting for 95% of all government revenue. The privatisation of Iraq's oil is not yet a done deal. Iraq's oil is still in the public sector, as it has been for over 30 years. But for how much longer?
The Iraqi government is set to pass a Hydrocarbon Law that would radically restructure the oil industry. It would allow long-term contracts to be signed with foreign oil companies, with terms that may not be changed by future Iraqi governments for decades to come. The oil companies will be immune from accountability in Iraqi courts.
The US and UK Governments, the International Monetary Fund and multinational oil companies have demanded the passing of the law, and have actively been involved in shaping its content.
Iraq's trade unions, civil society groups and experts believe that no law should be passed without a full public consultation, and strongly oppose handing control to foreign companies.
We have the power to influence what has not yet happened, especially as since this law is driven by companies and government ministers from our country. We have both an opportunity and a responsibility to stand up in solidarity with Iraqis, saying "Hands off Iraqi oil".
