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China Not US Will End Up With 80% Of Iraq’s Oil

From an unfazed McClatchy News:

Iraqi oil: Once seen as U.S. boon, now it’s mostly China’s

By Sean Cockerham | March 27, 2013

WASHINGTON — Ten years after the United States invaded and occupied Iraq, the country’s oil industry is poised to boom and make the troubled nation the No.2 oil exporter in the world. But the nation that’s moving to take advantage of Iraq’s riches isn’t the United States. It’s China.

America, with its own homegrown energy bonanza, isn’t going after the petroleum that lies beneath Iraq’s sands nearly as aggressively as is China, a country hungry to fuel its rise as an economic power…

That could be because Obama isn’t pursuing Iraq oil. (We never seem to ‘win’ any of the Iraq oil auctions, whereas China and Russia always do.)

But it could also be due to the fact that the Iraqis are trying to punish the US because of our alliance with Israel. (See below.) So much for Iraqi gratitude.

The International Energy Agency expects China to become the main customer for Iraq’s vast oil reserves. Fatih Birol, the agency’s chief economist, recently declared “a new trade axis is being formed between Baghdad and Beijing.” Birol said that about 80 percent of Iraq’s future oil exports were expected to go to Asia, mainly to China.

Iraq’s potential for oil production is huge. The International Energy Agency predicts that Iraqi production will more than double in the next eight years and that the country will be by far the largest contributor to growth in the global oil supply over the next two decades. By the 2030s, the agency expects Iraq to become the second largest global oil exporter, overtaking Russia…

Iraq hasn’t become the bonanza for big Western international oil companies that some might have expected when the U.S. invaded 10 years ago…

You mean all the people who claimed that the Iraq War was ‘blood for oil’ were lying?

Bush administration officials suggested shortly after the invasion that revenue from Iraq’s oil fields could largely pay the cost of rebuilding the country.

For which they were roundly castigated.

That turned out to be wrong, and $60 billion in American taxpayer funds ended up going into the reconstruction of Iraq…

Funny how it always works out this way.

Birol, the chief economist at the International Energy Agency, said that nearly a third of the future oil production in Iraq was expected to come from fields that either were directly owned or co-led by Chinese companies…

Luft said he didn’t see Chinese development of Iraq’s oil as a case of China enjoying the spoils of a war for which the U.S. had paid dearly both in lives and taxpayer dollars…

No, of course not. We should be thrilled that both China and Russia are profiting from our blood sweat and tears.

After all, it’s not like they did everything they could to help our enemies in Iraq. Except, of course, they did.

Meanwhile, lest we forget, we have this report from back in November, 2012, via Fox News:

Liberated Iraq calls on Arab states to use oil as ‘weapon’ against U.S.

November 16, 2012

A top Iraqi diplomat urged Arab states to “use the weapon of oil” against the United States because of its alliance with Israel, raising more questions about the Middle Eastern nation’s allegiance to the country that freed it from a ruthless dictatorship…

"Iraq will invite (Arab) ministers to use the weapon of oil, with the aim of asserting real pressure on the United States and whoever stands with Israel," Qais al-Azzawy told reporters in Cairo on Friday…

Mr. Al-Azzawy is Iraq’s Arab League representative.

This article was posted by Steve on Thursday, March 28th, 2013. Comments are currently closed.

One Response to “China Not US Will End Up With 80% Of Iraq’s Oil”

  1. GetBackJack says:

    Bush wasn’t after the oil

    Belonging to Skull and Bones and Freemason, an attendee at the Grove … he was after the three giant angels which were sentenced in everlasting chains under the Euphrates.

    I read it World Weekly News

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