Noam Chomsky: It’s not very clear. What you said is correct. The law was not even seen by the Iraqi Parliament until it was finished, so it’s an inside job. Exactly what this entails is still kind of open. It allows for Production Sharing Agreements (PSAs) which have traditionally been a way of gouging the producer and ensuring that foreign corporations have control and make huge profits. It’s quite different from other contractual arrangements in the region–it’s what they used to have but they’ve since nationalized their oil production and countries set terms more in their own interest with the corporations that are moving in. This law is vague on that so it leaves it open.
As far as the U.S. economic interests I think we have to make a distinction. The primary interest, and that’s true throughout the Middle East, even in Saudi Arabia, the major energy producer, has always been control, not access, and not profit. Profit is a secondary interest and access is a tertiary interest.
So in the years when the U.S. ..READ MORE