Reply #6: Over in questions to Congress, there are references to the text [View All]

[Robbien]

Schumer is being asked about the oil requirement in the bill

The compromise Supplemental Funding Bill recently approved by both houses of Congress calls upon the President to make and report determinations regarding several "benchmarks" as a measure of satisfactory progress in Iraq (Chapter 9). Among them is whether Iraq has enacted "a broadly accepted hydro-carbon law that equitably shares oil revenues among all Iraqis." (Sec. 1904(a)(2) and 1904(f)). Failure on the part of the President to certify to Congress that the Iraqis have done so would, under this Act, result in 50 percent of the appropriated funds being withheld.

Although H.R. 1591 makes no explicit reference to it, inclusion of this provision for all practical purposes puts the Congressional stamp of approval on privatization of the vast majority of Iraq's undeveloped oil reserves - recently determined to be twice as large as previously thought, putting Iraq ahead of Iran with the world's second largest oil reserves.* Why do we claim this provision is an endorsement of privatization? Who could be opposed to 'equitable' distribution of the revenues generated by Iraq's national treasure?

http://www.congress.org/congressorg/bio/userletter/?id=402&letter_id=1176441821