Iraqi Cabinet Approves Draft Oil Law

The Iraqi Cabinet approved the highly controversial draft oil law yesterday, despite international condemnation that its gives huge control to multinational oil companies.
The Iraqi Parliament will take up the measure when it reconvenes early next month after a recess. With all major parties endorsing the bill, approval is likely. “I very much hope the main political groups will rise to the occasion” and approve the bill in parliament, Deputy Prime Minister Barham Saleh, a Kurd, said.
In Washington, White House spokesman Tony Snow called the new oil law the “key linchpin” in Iraq’s recovery because it gives “everybody a shared economic interest in working together.”
“Shared economic interest” is code for giving control of Iraqi oil to US and other multinational oil companies. What many people cannot understand is why the Iraqis are doing it.

We want to hear your views on the oil law, and whether its a good idea …