The most recent issue of Time magazine shed some light on President Bush's proposed 50 year military presence in Iraq, a la South Korea.
"Only 7% of the world's estimated oil and gas reserves are in countries that allow companies like ExxonMobil free reign. Fully 65% are in the hands of state owned oil companies..."
Meanwhile the Iraq Study Group and the Bush administration push the Iraqi Oil law while the people's representatives obviously drag their feet at efforts to reshape the situation described above.
Once the area is opened for Western oil production, President Bush should hide the just released General Accounting Office report showing the U.S. undercollects oil royalties for offshore production relative to other countries. Is that another hallmark for democracy, giving oil companies multiple breaks?
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