TCA (my initials)

February 20, 2007

it’s not all about oil

Filed under: Doodling — TCA @ 7:17 pm

However, oil does have quite a lot to do with the U.S. occupation of Iraq.

British newspaper The Independent published two articles in January that said “the third-largest reserves in the world are to be opened to American and British companies” later this year.

The U.S. government “has been involved in drawing up” a new Iraqi law that “would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972.”

Exxon Mobil “set a record for profits among American companies” last year. The New York Times reported that the giant multinational corporation enjoyed a “27 percent surge in profit for the fourth quarter as elevated fuel prices gave rise to a full-year profit in 2005 of $36.13 billion on revenue of $371 billion. Exxon Mobil said its overall profit climbed more than 40 percent last year, while its tax bill rose only 14 percent.”

How will they top that?

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