Remember when “No blood for oil” sounded quaint?
Giving credence to Iraqis’ fears, a new Petroleum Law will be presented to the Iraqi Parliament that, if enacted, will put effective control of Iraq’s vast oil resources in the hands of foreign companies. Nationalized since 1975, Iraq’s oil was, before the years of sanctions and the invasion, the foundation for a relatively high standard of living, producing more PhD’s per capita than the U.S. and a health care system prized as the best in the region.
