The Price Is Right: Iraq

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Deals With Iraq Are Set to Bring Oil Giants Back:

Exxon Mobil, Shell, Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq’s Oil Ministry for no-bid contracts to service Iraq’s largest fields, according to ministry officials, oil company officials and an American diplomat.

The deals, expected to be announced on June 30, will lay the foundation for the first commercial work for the major companies in Iraq since the American invasion, and open a new and potentially lucrative country for their operations.

Wall Street Lobbies to Protect Speculative Oil Trades

Wall Street banks and other large financial institutions have begun putting intense pressure on Congress to hold off on legislation that would curtail their highly profitable trading in oil contracts — an activity increasingly blamed by lawmakers for driving up prices to record levels.Representatives of Goldman Sachs and Morgan Stanley, along with the trade associations for hedge funds and other financial groups, have lobbied the offices of key legislators, briefed senior staffers on committees that oversee pivotal parts of the energy markets and distributed research materials explaining their view about oil and how it’s traded.

Canceled markup spares Dems tough vote on offshore drilling

At the very least, Democrats saved themselves an awkward confrontation on gas prices Wednesday when they canceled a committee vote on the Interior spending bill.Rep. John Peterson (R-Pa.) was planning to push his offshore drilling bill as a remedy for oil and gas costs, just as Sen. John McCain (R-Ariz.) and President Bush made their tag-teamed push for drilling off the country’s coastlines.But the committee markup was canceled just two hours before it was to begin.


Written by mudshark

June 19, 2008 at 12:13 am

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