"Equal sharing" among the conflicted groups in Iraq sounds good. But the oil law giving most of Iraq's oil wealth to private foreign oil companies is the only "hydrocarbon law" under consideration by Iraq's parliament. So all the talk by U.S. politicians and news media about "equitable distribution of oil revenue" between Sunni, Shiite and Kurdish factions is really about "equitably sharing" the mere 12 or 13 percent of Iraqi oil revenues that would be left over after the big oil companies have fattened themselves."

"Under the proposed oil law, big oil companies would be awarded "production-sharing agreements." These are very different from the service contracts under which oil companies operate in other Middle East countries. Under a service contract, control over oil resources and profits remains exclusively with the country's government. But with production-sharing agreements, Iraq would give up control over its oil, and much of its national independence, to oil executives. Foreign oil companies could repatriate (take home) all the profits they make, reinvesting nothing in Iraq, and they would likely be given seats on the "Oil and Gas Council" that would award contracts."

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