A lot of the oxygen breathing side of blogtopia (y!sctp!) have been abuzz all day long discussing the man-child’s (apologies to Mr Waters) New Way Forward to something or other. In fact many of our intelligent and fact-based writers and observers apparently intend to watch this travesty. There has been much written about the length of time for this escalation and that’s quite silly, in view of this bit of news.

New Law Would Give Foreign Oil Giants 30-Year Contracts on Iraqi Oil

The Iraqi government looks set to pass a new law that would give foreign oil giants such as BP, Shell, Exxon and Chevron up to 30-year contracts on Iraqi oil. The law was drafted with the help of a US consultancy firm hired by the US government.

Until the costs of of [sic] a project have been recovered oil companies would be allowed to keep 70% of the profit. Elsewhere 40% would be standard. After the costs are recouped the companies' share falls to 20%, still double other comparable agreements.

Iraq would be the first major Middle Eastern oil producer with a large foreign investment; Iranian and Saudi oil is state controlled. The proposal appears to contradict emphatic claims by UK and US officials that the war was not about oil.

In view of the fact that Iraq cannot achieve civic peace as long as US troops continue to occupy the country and maintain military bases there, and Mr Bu$h is pretending we’re there to try to maintain peace, it is planned for the US to have a significant military presence in that country for at least the term of the oil contracts that were one of the three primary reasons for attacking the country.

Or until some form of Iraqi national government achieves enough domestic power and control that it feels comfortable crying bullshit and throws us out.

For myself, I intend to watch a different magic show tonight.