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Western Oil Companies Back in Iraq With Unusual Contracts
Thirty-six years after Saddam Hussein nationalized oil and kicked out Western companies, Iraq's Oil Ministry has awarded Exxon Mobil, Shell, Total, and BP contracts set to bring the oil giants back.
Despite the fact that high oil prices put these contracts in high demand, Iraq granted very unusual no-bid contracts, meaning the companies did not have to compete with their counterparts in China, Russia, and India. Today's New York Times explains:
There was suspicion among many in the Arab world and among parts of the American public that the United States had gone to war in Iraq precisely to secure the oil wealth these contracts seek to extract.
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The Story Fueling Our Gas Woes. Is Gas Your #1 Concern?
If a trip to the gas station has left your wallet lighter than air, it's comforting to know someone's getting fat off of fuel costs: Big Oil. BP and Royal Dutch Shell just reported massive increases in profits for the first three months of 2008. BP's gross (that's an understatement) profits rose 48 percent in the first quarter to $6.6 billion while Shell increased its profits 12 percent to a record $7.8 billion.
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