Let's see what is happening... Washington wants to get a big quantity of
money from lenders, then the plan is, no doubt, to give it to Cheney's
halliburton, Bechtel etc. Then Iraqi oil will be used to repay the
loan.

Iraqis, obviously, have no say in having THEIR oil pledged as
collateral to make profits for Republican chums, by the foreign
invaders/occupiers. But I bet that they would have different uses of
oil in their minds.

The only little obstacle here is that Iraqi oil production is
sabotaged by Iraqis who, not surprisingly, do not want seeing their
oil riches stolen.

Now, Empress, you promised that there will be a big repentance on your
part if my 4 month old predictions about planned theft of Iraqi oil
are coming true. The occupiers have done zip for the iraqi people but
are constantly working very hard to steal Iraqi oil. I am awaiting
your recognition that I was right and you were wrong.

i

================================================== ====================

WASHINGTON, July 11 (AFP) - The administration of President George W. Bush
is considering pledging some of Iraq's future oil and gas revenue to secure
long-term reconstruction loans before a new Iraqi government is in place to
sign off on the proposal, The Los Angeles Times reported Friday.
The newspaper said the plan, which has been endorsed by the Export-Import
Bank and some of the biggest US companies, would help avert a looming cash
crunch that has the potential to stall the postwar rebuilding effort.
But the plan is drawing fire from some administration officials, lawmakers,
policy analysts and prominent Iraqis who say it would mortgage the Gulf
nation's most treasured resource, prevent future leaders from deciding how to
spend their oil money and put US taxpayers at risk, the report said.
However, the Export-Import Bank and a business coalition that includes
Halliburton, Bechtel Group and other major companies that are interested in
winning contracts in Iraq are warning that unless steps are taken soon to
secure new funds, the reconstruction well could run dry, The Times said.
"Common sense says get Iraq running. How do you get the country running? By
using its own oil revenue 100 percent for the benefit of the Iraqi people,"
the paper quoted Export-Import Bank Chairman Philip Merrill as saying. "If you
want to wait three or four years, be my guest. But that means the country is
going to be running on the dole of the United States."
Many experts agree that Iraq is headed for a possible cash flow crisis as
reconstruction costs escalate, initial funds are depleted and the resumption
of oil exports is delayed due to damage caused by looting and sabotage,
according to the report.
But they part company over whether the US-led occupation administration in
Baghdad has the legal or moral authority to pledge future oil revenue as loan
collateral before the issue can be debated by elected Iraqis, The Times said.
"Unless a reconstituted Iraqi government or the UN Security Council
authorizes the plan, it appears to violate international law," Democratic
Congressman Henry Waxman is quoted as saying.
mk/nh
US-Iraq-oil