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Wikileaks:American oil industry had little benefit from the Iraq War

The conflict in Iraq has brought few benefits to U.S. oil industry, one company made a considerable profit, Halliburton, U.S. diplomatic documents shows.

When Iraqi Oil Minister Hussein al-Shahristani, has provided the first contracts to foreign companies in 2009, he said that profits will be split, and that oil prices will be fixed.

However, U.S. companies still experience high hopes. A consortium led by the American company Conoco Phillips hoped to obtain a price of 26.7 dollars per barrel in a difficult area. For the Rumaila fields, located near the Kuwaiti border, ExxonMobil offered price of $ 4.80 per barrel and BP would have liked the price of 3.99 dollars.

According to documents quoted by Der Spiegel, although the United States has spent over 700 billion dollars for the Iraq war,but  the profit from the exploitation of oil is in other countries.

U.S. diplomats denounced in 2007, “wild west type atmosphere” at the Baiji refinery, located near Tikrit. Another diplomatic post, which quotes the presidential candidate John McCain, shows that the Iraqi Oil Ministry could not justify the 20-30 percent of the oil it produces.

In addition, oil transport infrastructure has deteriorated. The two main pipelines that reach the port of Basra have been built in 1975, with a service life of 20 years. One pipeline has been upgraded by the United States, with an investment of 100 million dollars.

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Posted by E.Hillwig on Dec 7 2010. Filed under Featured News, Finance, Industry. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

2 Comments for “Wikileaks:American oil industry had little benefit from the Iraq War”

  1. Truth

    The oil was not available to the US Oil companies before the illegal invasion of Iraq.
    And NOW the oil is available- seems pretty clear that the benefit wasn’t small it was epic. To believe this statement from the US state dept. You would have to ignore that fact. The other countries are able to feast off the remains of what was national oil industry. They buy treasury’s from the US as a way to participate in the looting. Why do you think China buys US treasuries? It is their buy in.

  2. Well the Oil was a big concern for US everytime anyway…

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