Iraq’s announcement that it plans to put 40% of it’s estimated 115 billion barrel oil reserve up for bidding has ignited the fire of conspiracy theorists who have long speculated that multi-national oil corporations pushed Britain and the US government to declare war in Iraq.
It has also given birth to a new fear: That China who is in a much better position than the West after the massive collapse of finacial institutions, may be in a position to buy and control a massive portion of Middle Eastern oil resources.
Even if there is no conspiracy is at play, this unprecedented offer is rife with controversy.
First, the country of Iraq is by no means stable and the current government who is offering the deal could potentially dissolve at which point all bets are off.
Second, the offer does not necessarily have the support of the Iraqi People and regardless of who wins the rights, there is a high possibility that it will be seen as another case of foreigners depleting Middle Eastern Resources.
Third, if the Chinese do win the bid there is likely to be a considerable amount of resentment from the western powers who have spent billions of dollars and thousands of lives in attempts to stabilize the country.
Despite of conspiracy theories, controversy or risk, oil companies can simply not afford to let this opportunity pass them by and let their competitors or even a country get rights to these massive reserves without a fight.