Who Owns The Oil?

KARIM SAHIB/AFP

DIRTY WORK: Divvying up Iraq's oil is tricky

Do oil and Islam mix? Several prominent Iraqi exiles have tentatively endorsed a plan from the U.S. designed to give Iraq's vast oil reserves to "the Iraqi people." The plan defines oil as a government asset, but recommends sharing production with foreign oil companies in exchange for development costs. Now many scholars of Islamic law (Shari'a) say the U.S. plan inadvertently (or perhaps cunningly) delivers a more "Islamic" arrangement than the one followed in supposedly Islamic Saudi Arabia.

Where the U.S. plan intends to give ownership to a democratically elected government, the Saudi royal family collects...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!