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Yahoo! News - Iraq Claims Full Control of Oil Sector

BAGHDAD, Iraq - Iraqi officials declared Tuesday that the interim government has assumed full control of the country’s oil industry ahead of the June 30 handover of sovereignty from the U.S.-led occupation administration.

“Today the most important natural resource has been returned to Iraqis to serve all Iraqis,” Prime Minister Iyad Allawi said. “I’m pleased to announce that full sovereignty and full control on oil industry has been handed over to the oil ministry today and to the new Iraqi government as of today.”

The announcement came as Allawi and Oil Minister Thamir Ghadbhan toured the al-Doura oil refinery in southern Baghdad.

After meeting and shaking hands with the refinery workers, the two ministers thanked oil sector workers.

“We are totally now in control, there are no more advisers,” Ghadbhan said. “We are running the show, the oil policies will be implemented 100 percent by Iraqis.”

Remember the incessant droning of "no blood for oil!"? Well once again the simpletons are shown to be wrong. Of course, the idea that the US invaded Iraq and planned to cart off millions of barrels of oil was always ridiculous. You could make reasonable arguments against the war in Iraq, but saying that it was prosecuted to accumulate mineral wealth is not one of them. Does a free Iraq trading its oil on the world market improve the market for oil. Of course. It also hurts the UN, France and Germany who were in cahoots with Saddam to steal Iraq's oil wealth as well. However, the war has cost a great deal of money, and it will take a good amount of time until Iraq starts really producing oil again. Right now we are subsidizing oil to Iraq, buying it in neighboring countries and making it available for 10 cents a gallon to kickstart their economy. There's no way we make money on this deal, period.

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