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CalCarp

Are oil industry profits owed to Iraqi War debt?

American oil companies are finding record profits while the war is pursued. It is true the war hopes to ensure the flow oil, which is the product of these companies. Do the companies owe a share of it's profits to repay the war's debts?
CalCarp:

I am not talking: "Nationalization"! ..but during WWII, ..was there a high price of steel? ..Was United States Steel Corp. or the mining industry allowed to charge "record profit" price for iron and steel? Alternatively: If Oil is a current "national necessity", worth fighting a war over, is the "profit" derived after substantial development cost not to be shared among ALL those paying that development cost?

Samuel Deva:

Big oil isn't going to pay up---typical ,big business never pays up, just continues to make the rich richer and not pay taxes...the flow of oil is dependent on what big oil tells opec to do, period...

CalCarp:

Well, ..I'm not sure OPEC lets American Oil (..still AMOCO?) set the prices, or hog the profits, from Mid-East oil, ..I actually doubt that, ..but what about the costs/benefits here? If we are investing public money in Iraq to ensure oil for America's future, then is not the public a true shareholder of the joint enterprise? Shouldn't that enterprise pay it's capital costs before declaring a profit?

Samuel Deva:

I follow your thought here---inside military info garners cheney's outfit (big 'H') following mop-up with drilling rigs and personnel...the "welfare millionaire theory" is appropriate herein...

CalCarp:

Yes, ..but what now? Can't we all just pay what we owe, and share proceeds equally? Why does public pay the lion's share of the cost, and private oil retain the profit? And I'm not talkin' socialism here, ..this is basic pay as you go capatilism.

Checkthefacts:

Trumanyears is a lot closer to the truth than he realizes. It's not that OPEC "lets" AMOCO (now BP, which is quite ironic since it looks like the British have now gotten a piece of its colonies back, lol), tell it what to do. But I knew an EXXON VP who told me that you would be surprised how much cooperation there was between OPEC and Big Oil, with one covering the other's you know what, to maximize each other's profits without the world really knowing what is going on.

CalCarp:

Thank you, I agree that BP and OPEC are "in the same business", and I have no problem with that, nor with their making a profit from either their resources or their investments. But in order to "Ensure a commodity for the future" America makes an investment in Iraq at the cost of trillions of dollars (and yes, lives!) The question is: How does the American public get their due return on this investment? I believe the war is absolutely tied to the high price per barrel, am I wrong? How much oil is right now flowing from Iraq itself? Is that oil's profit being returned to repay the war costs? Or is some corporation declaring that profit their own personal property not to be shared with the "joint shareholders" of this operation?

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