Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (175598)	11/23/2005 9:00:15 AM
From: Noel de Leon	Read Replies (2) \| Respond to of 281500

"There is NO REASON that Iraqis should not have the opportunity to take advantage of selling their natural resources to fuel this economic growth. And they people should have an accountable government that is tasked with ensuring the profits from those sales are distributed to the benefit of the people. And that pretty much sums up the stance of US policy, as I've been exposed to it. To ensure that Iraq is able to enter into a MUTUALLY BENEFICIAL trade relationship that is NOT controlled by, or spent toward, militaristic or totalitarian agendas." You should look at the oil contracts being made with Iraq these days. The PSA form of contract comes to mind where those being made with Iraq will cost Iraq something like 74-194 billion dollars over 30 years. wanadoo.fr As to the rest of your post, $100 oil means that all the other energy sources are viable. By 2040 oil production is predicted to fall to as little as 1/5 of present levels. 2-3 years ago very few accepted his. Today this is generally accepted. As to your ivocation of your father's driving patterns, no oil. no cars. All energy will be used for production of electricity. And its use for transportation will be curtailed. By the way, wind mills have a projected life of 30-40 years today. the 20 year figure is out of date-from the 80's. I own a part of 2 mills and they supply me with 14% after tax. And solar energy fills batteries and other sources which then supply when the sun doesn't shine. "Believe me.. if mass transit makes economic and logistical sense, it will be used. Unfortunately, it seldom fulfills either goal." Believe me.. mass transit makes economic and logistical sense, it will be used when $100 oil comes. Unfortunately, it seldom fulfills goals of individuals and car manufacturers and thereby politicians. Finally, you do not address the CO2 problem and global heating which will be the primary beneficiary of $100 oil.

To: Hawkmoon who wrote (175598)	11/23/2005 9:27:22 AM
From: Noel de Leon	Read Replies (1) \| Respond to of 281500

"Iraq to lose up to US $194 billion in oil "rip-off" Control of Iraq's future oil wealth is being handed to multinational oil companies through long-term contracts that will cost Iraq hundreds of billions of dollars, according to a new report published today. Crude designs: the rip off of Iraq’s oil wealth, reveals that current Iraqi oil policy will allocate the development of at least 64 per cent of Iraq’s reserves to foreign oil companies. Iraq has the world’s third largest oil reserves. Figures published in the report for the first time show: the estimated cost to Iraq over the life of the new oil contracts is US $74 to US $194 billion, compared with leaving oil development in public hands. These sums represent between two and seven times the current Iraqi state budget. the contracts would guarantee massive profits to foreign companies, with rates of return of 42 per cent to 162 per cent. The kinds of contracts that will provide these returns are known as production sharing agreements (PSAs). PSAs have been heavily promoted by the US government and oil majors and have the backing of senior figures in the Iraqi Oil Ministry. Britain has also encouraged Iraq to open its oil fields to foreign investment. However PSAs last for 25-40 years, are usually secret and prevent governments from later altering the terms of the contract. "Crude Designs" lead researcher, Greg Muttitt of PLATFORM, said: "The form of contracts being promoted is the most expensive and undemocratic option available. Iraq’s oil should be for the benefit of the Iraqi people, not foreign oil companies.” The new Iraqi constitution opened the way for much greater foreign involvement in Iraq's oilfields. Negotiations with oil companies are already underway, ahead of elections in December and prior to the passing of a new Petroleum Law. This report calls for full and open debate in Iraq about the way oil resources are to be developed, not 30-year deals negotiated behind closed doors. Not only are these deals being negotiated without public discussion, ongoing violence in Iraq puts it at considerable disadvantage. Mr Muttitt explained: "Iraq's institutions are new and weak. Experience in other countries shows that oil companies generally get the upper hand in PSA negotiations with governments. The companies will inevitably use Iraq's current instability to push for highly advantageous terms and lock Iraq to those terms for decades." " neweconomics.org