النفط في العراق بين حقائق التأريخ

Abstract

A host of facts has been accompanying Iraqi oil industry since the outset of the last century. These facts have been revolving around the magnitude of the Iraqi oil which makes Iraq floating on the World's largest crude oil reserve; a fact that make the World's super powers duel over the seize of this wealth. It started with Germany and Great Britain before the outbreak of the World War I and it ended up distributed by British, US, French, and Dutch oil companies as well as Mr. Kalbanqean. That distribution of the Iraqi oil among these companies immensely contributed to the total welfare of those counties; whereas Iraq was poorly awarded for its own oil. Even when Iraqi oil profits were equally shared in 1950 they never developed its one-sided economy.It is only in 1968 and 1972 with Acts 80 and 69 respectively did this vital sector contribute so considerably to the Iraqi national revenue that it boosted the Iraqi reserve of foreign currency to 40 billion US dollars in 1980. Unfortunately, that colossal figure was systematically and randomly consumed in reckless wars, UN embargo, and an eventual invasion in 2003. Those tragic events adversely affected Iraq's economy and they arouse serious economical imbalances, unemployment, inflations, and corruptions.Through the current oil policies the new Iraqi Government hopes to redress these negative aspects. These policies emerge in form of the foreign investment acts, natural gas and crude oil acts, and provincial development programs. However, although these actions are constantly criticized; they are expected to push forward the Iraqi oil industry and contribute fruitfully to the welfare of Iraq and the Iraqi people who are regularly burned by their own oil.