Hello Mr. Q,
I have been impressed your knowledge of the oil market. Based on these Foreign Policy Decisions how should investment decisions be impacted?
Executive Order 13303 states categorically that "any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is prohibited, and shall be deemed null and void," with respect to the Development Fund for Iraq and "all Iraqi petroleum and petroleum products, and interests therein."
If ExxonMobil ChevronTexaco remove Iraqi oil, they will be immune from legal proceedings in the U.S.. Anything goes wrong where U.S. corporate oil operations are in play and they will be immune to any legal judgment. An oil tanker accident; an explosion at an oil refinery; pipelines destroyed, etc., "the President, with a stroke of the pen, signed away the rights of Saddam's victims, creditors and of the next true Iraqi government to be compensated through legal action. Bush's order unilaterally declares Iraqi oil to be the unassailable province of U.S. corporations. (Ibid.) In their closing argument the two authors make their point as well as I could ever have done:
In the short term, through the Development Fund and the Export-Import Bank programs, the Iraqi peoples' oil will finance U.S. corporate entrees into Iraq. In the long term, Executive Order 13303 protects anything those corporations do to seize control of Iraq's oil, from the point of production to the gas pump - and places oil companies above the rule of law.
sftt.org.
Rascal @AndOilProfitsHaveBeenGreat.com |
